Blended Families – Yay! Blended Trusts – Eh.

            Estate Planning for Blended families are now the norm.  Whether it is the first marriage for one spouse while marriage XX for the other spouse, multiple marriages for both spouses, children from one or more prior marriages, or children common to the blended union, Blended Families present challenges in Estate Planning.  The potential combinations of marriages, children, stepchildren and entanglements from prior unions are virtually countless.  The good news is that Estate Planning can assist in all these circumstances.

            Those in Blended Families may present differing, and perhaps competing, goals in any Estate Plan.  Even where the couple appears totally aligned in goals and wishes, the family dynamics among and between children, stepchildren and other stakeholders must be candidly and carefully considered to best ensure no disputes in the future.

            One fundamental tool an Estate Planning attorney may use with Blended family situations is separate trusts.  Whether during the marriage or upon death of the first spouse, segregating assets in distinct trusts may go a long way to preserve the interests and wishes of both husband and wife.  If properly segregated in separate trusts, assets may remain available for the needs of the surviving spouse and be preserved for distributions to designated beneficiaries.  Separating assets may assist to ensure the children of prior marriages receive desired inheritance; that children of the blended union receive the same advantages of those children of prior marriages; or that assets remain preserved for any and all children in the event of future remarriage by the surviving spouse (yet another Blended Family!).

            A knowledgeable Estate Planning attorney possesses many tools, including the use of separate trusts, to assist the Blended Family.  To assist with your own Blended Family, reach out for Estate Planning Attorney Michael Geiger at (901) 219-5549 or michael@geigerattorney.com.