Estate Planning for Blended Families
Longmont Estate Planning Lawyers
Couples in "blended families" have unique estate planning needs.
The term "blended families" refers to a second marriage where
one or both spouses have children from a prior marriage or relationship.
The goal in this situation is for each spouse to ultimately leave their
assets to their children while ensuring that the surviving spouse is taken
care of for the remainder of his or her life. The simplest solution is
to leave everything to the surviving spouse and "trust" that
the surviving spouse will treat the deceased spouse's children fairly
in his or her estate plan. At Jorgensen, Brownell & Pepin, P.C., our
Longmont estate planning lawyers can help you address
estate planning issues involving blended families.
Need legal assistance? Call (720) 809-8310 for an initial consultation.
This solution has several problems. The obvious problem is that this arrangement
cannot be legally enforced. It is also possible that the surviving spouse
may live for several years, during which time tensions may develop between
the surviving spouse and the children of the deceased spouse which could
cause the surviving spouse to treat these children less than fairly. This
problem can be addressed through the use of a Qualified Terminable Interest
Property or "QTIP" trust. The property of the spouse that dies
first will be distributed into the QTIP trust. The trust will be managed
for the benefit of the surviving spouse.