Traditional estate plans don’t work well for many families these days. A traditional plan is for couples who are in their first and only marriage and have only kids from that marriage. Different plans, tools, and strategies might be needed for people with other life stories.
Unfortunately, the divorce rate in the United States is more than 50%. While half of the marriages in our country end in divorce, many of those divorced spouses do find another partner the second time around. As a result, there are more blended families today than in the past.
This was the subject of a recent Investing Daily article titled “Estate Planning for Modern Families.”
Families with children from one or more marriages or relationships may require different tools and strategies for estate planning than those from a couple's one and only marriage. Yet another set of circumstances arises when one parent remarries and the other remains single.
Each of these situations—as well as yours—is very unique with different facts, scenarios, and requirements. The best way to address your estate panning needs is to speak with an attorney who concentrates his or her practice in this area. They will be able to assist you with creating the plan that will work the most efficiently and advantageously for you and your family.
Reference: Investing Daily, February 27, 2014, “Estate Planning for Modern Families”