News & Commentary
Blended Families And Estate Planning
- Written by RSC Editor
- Published: 16 August 2017
Estate Planning in a Blended Family
In this era of the blended family, there are many challenging legal issues. Separation and remarriage are currently so common in our nation that blended families have mostly turned into the new standard. At the point when two adults wed and it is possible that either of them has children from a past relationship, the entanglements of ignoring the consequences without a will can bring anguish that intensifies when a partner is deceased. It is advisable that both of the adult partners have legitimate plans established for this eventuality. If you have remarried and haven't met with a legal advisor, now is an ideal opportunity to begin.
Sudden Passing Prompts Difficulties
While we need to trust that at any moment a life partner will be dealing with our children from a past marriage, this is not necessarily the situation when one passes away suddenly. If a spouse dies intestate, the surviving spouse may hold all the financial leverage and could leave the decedent's children from a past marriage out in the cold. Then again, if one individual passes away and has an old will set up that leaves everything to his previous spouse and their children together, the new wife or husband and his or her descendants could be fiscally crushed. It is best to consult with attorneys who know about the legacy statutes so they can help you address issues that you might not have even considered.
Bequest Lawyers Can Set Up Trusts To Profit Everyone
Generally, a trust is an ideal approach to secure all of the gatherings in a mixed family, including new spouses, children from either partner’s past connections, and any children conceived after the new family is fashioned. On the off chance that a man dies in the wake of remarrying and has the proper trust set up, his dowager could live easily on the returns of a trust that would then go to the youngsters when she passes away. An attorney can help you set up a trust that is managed for the advantage of your surviving spouse and children from any earlier familial relationships and your present relationship, guaranteeing that nobody is left fiscally abandoned.
Bequests and Beneficiaries
A bequest of specific property or a sum of money that may otherwise be excluded from the beneficiary's gross income will not lose the exclusion solely because the payment is subject to a condition.
With estate planning, the difference between bequests and beneficiaries can be substantial. Estate planning includes wills, trusts and a myriad of financial instruments. The consideration to acquire assets sooner and without dealing with probate court.
When Minor Children From A Past Marriage Are Impacted: How Bequest Lawyers Can Offer Assistance
If you pass on and leave everything to your minor children from a previous relationship, you may be setting their legacy in the hands of your ex. If you do not put stock in your ex-life partner's judgment or goodwill, you should talk about the circumstances with bequest lawyers who can draft a trust that stipulates who ought to be the trustee of the cash until your children become adults and can control their specific legacy. A nearby relative, your present companion or a family friend can be designated as a trustee, keeping in mind that the end goal is to guarantee that the assets are utilized appropriately for the care and improvement of your children. You may even select an attorney to be the trustee in specific conditions. Any of these alternatives can viably restrain the control your former spouse has over your children's legacy.
- The Estate Planning Law Team
Rogers Sheffield & Campbell, LLP
This article is not intended to provide legal advice. For legal advice on any of the information in this post, please contact usdirectly, use the form to the right or contact us by phone at 805-963-9721.
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