Estate planning can already be a daunting task.
But, estate planning for a blended family can be entirely distressing. Not having your estate in order for your blended family situation can send a wave of financial instability, familial strife, legal battles, and permanent damage washing over the quality of life of parties involved.
Recognize the Facts
"What's in a name? That which we call a rose
As romantic as the above quote is, Shakespeare’s Romeo and Juliet tragically provided us the insight that love is not enough. Relying on love or the good intentions of others for your blended family estate planning needs is a tremendously risky move. While Romeo and Juliet were not part of a blended family per se, the message stays the same, bad blood can plague houses.
By any other name would smell as sweet."
- Romeo and Juliet (II, ii, 1-2)
A Bite at a Time
If you have a blended family, it is wise to have a plan for your final estate. Estate planning for blended families usually takes more time and thought than it would take for a more conventional family. This can act as a deterrent for some people, causing them to skip some steps in planning, but taking shortcuts may leave your estate unable to fulfill all of your intentions.
Make Time Well Spent
There are varying schools of thought on the “right” way to begin estate planning for your blended family, but very few people ever truly settle on the best way. Conventional methods include revocable trusts and a last will and testament. While good starting points, these methods fall short, and can be potentially ineffective in preserving the full intent of your final estate.
Bring your Estate Planning to the 21st century
Irrevocable trusts are the unsung hero of financial security in the modern era. These tools that were once out of the reach of the middle class are now readily available online at a low cost. You can now create a customized trust, tailor made for a blended family’s final estate, all from the comfort of home. In turn, bundled trustee services provide professional trustee oversight of the irrevocable trust, ensuring the funds will be used how and when you truly intended.
Not sure where to begin planning your final estate for your blended family? It’s easy. Download our FREE final estate assessment checklist below and get started today!