Estate Planning Blended Families Ontario

These are a few common scenarios.

Estate planning blended families ontario.

So bringing two entire families together under one roof can create additional challenges. If you follow some simple steps you can come up with a plan that meets everyone s needs. Both her and her new spouse were widowed and had adult children. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family.

A real example of a blended family a relative of mine remarried in her 50s. Estate planning for blended families in ontario relationships are challenging at the best of times. I wonder what their estate planning looked like. In most blended family situations each partner wants to ensure that when they die their children as well as their new love will be treated fairly and will receive as much financial support as possible.

Estate planning for blended families is a form of asset protection. If this situation describes your family you can do some careful estate planning to address your family s special needs. These agreements should address. Blended families are increasingly common and as an advisor you ll likely have clients with children from one or more prior relationships.

Premarital and marital agreements. 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. 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.

Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. 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.