What is the best trust for blended families?
What is the best trust for blended families?
Marital Trusts are frequently recommended for blended family estate planning purposes, as they allow assets to be made available to your surviving spouse, while also dictating how any residual funds in the Trust will be distributed upon your spouse’s death.
What are 2 disadvantages of a blended family?
Blended Family Problems
- Children Have a Difficult Time Sharing Parents. Blended families may have more children than nuclear families.
- Sibling Rivalry.
- Identity Confusion.
- Mixed Feelings About a Step-Parent.
- Legal Disputes.
- Financial Difficulties.
- Infringing on Territory.
- Scheduling Conflicts.
What is a blended family trust?
A blended family is a family unit where one or both parents have children from a previous relationship. The key to minimizing stress on any family members and heirs is a well thought out estate plan that makes it possible to honor your spouse and provide an inheritance that is protected for your own children.
What problems do blended families have?
Other blended family problems include the fact that children in blended families may not accept the new partner or their new step-siblings, school problems resulting from the situation at home, and resentment and emotional issues for any blended stepfamily member.
How do you split assets in a blended family?
You and your spouse give your entire estate to each other. When the second spouse passes, the property is distributed to the children and step-children of the surviving spouse. Unfortunately, under almost all will-based plans the biological children of the first spouse end up disinherited.
Why is having a blended family so hard?
Blending families is HARD! Blending families usually leaves some in the family without a voice (most often it’s the children). Children want to share their “truth” about blended families. This often leads to disagreements between the parents (now new spouses) and that can lead to tension in the new blended family.