Estate Planning Blended Families Ontario

A real example of a blended family a relative of mine remarried in her 50s.

Estate planning blended families ontario.

Assume two spouses are in a second marriage and each have children from a prior marriage. These are a few common scenarios. Blended families are increasingly common and as an advisor you ll likely have clients with children from one or more prior relationships. When it comes to estate planning for a blended family the concept of yours mine and ours can complicate the process to the point that family dynamics become permanently strained.

Premarital and marital agreements. If you follow some simple steps you can come up with a plan that meets everyone s needs. Estate planning for blended families second marriage estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. Unfortunately if proper planning is not undertaken what often occurs in the blended family context is that one branch of the family receives the entire estate and the other branch of the family receives nothing.

This trend has resulted in a large number of blended families with special estate planning needs. I wonder what their estate planning looked like. If this situation describes your family you can do some careful estate planning to address your family s special needs. So bringing two entire families together under one roof can create additional challenges.

Estate planning for blended families is a form of asset protection. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Estate planning for blended families in ontario relationships are challenging at the best of times. Both her and her new spouse were widowed and had adult children.

These agreements should address. Estate planning for blended familiescan be a particular challenge for inexperienced amateurs and even professionals because the standard clauses of a will may have unintended consequences.