Protecting Children's Interests in Blended Families

Getting divorced and remarried can create certain estate planning challenges when children are involved.

2012-11-21

November 21, 2012 (Press-News.org) Protecting children's interests in blended families

Getting divorced and remarried have become common occurrences for people in Pennsylvania and across the country. Over half of all couples in first marriages eventually get divorced, according to the National Stepfamily Resource Center. In addition, three-quarters of those who divorce will get married again.

Blended families make for complex finances

A Pew Research Center study this year found that over 40 percent of adults in the United States have at least one step-relative. Considering that people already have children in about 65 percent of remarriages, that percentage is unlikely to decline. More and more Pennsylvanians are facing the complexities of blended families.

Stepparents who bring children of their own into a second marriage naturally want to be sure their children are taken care of financially. Their children's needs will certainly rank high among their estate planning objectives. Stepchildren, on the other hand, may be less of a concern. Conflicts between spouses in the new marriage often arise as a result.

Not only are children and stepchildren a catalyst for disputes, caring for the aging parents of the spouses in a blended family can be a source of stress. As people live longer, chances are that elderly parents are going to require attention and resources from their adult children. Furthermore, health care costs for the older generation will diminish inheritances for their children, who will then have less to pass along to their own children.

Protecting children takes planning

Parents in remarriages who want to make sure their own children are adequately taken care of in case of a parent's death should not proceed blindly. It is not realistic to assume that the children's other biological parent will step in with an estate plan that assures the children's future. It is less likely that the stepparent will do so, especially if the stepparent also has children from a previous marriage.

A number of options exist. Creating a trust and designating a professional trustee may be the desirable and responsible course of action. Several kinds of trusts exist, which can be expertly employed to carry out the parent's wishes. Distributions of the funds in the trust can be managed over time, with provisions that protect children from unwise spending and investment choices.

Parents in blended families should consult with an attorney who has experience in estate planning. Estate planning includes wills and other legal documents that need to be written with care. In the complex environment of a blended family, an attorney's competent expertise is especially reassuring.

Article provided by Spencer Law Firm
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Protecting Children's Interests in Blended Families

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