Estate planning for blended families can be difficult to navigate. Estate planning that takes the uniqueness of blended families into account can relieve a plethora of concerns. The key to this potentially sticky situation is open communication and the help of an experienced attorney you can trust. One of the ways to alleviate everyone’s concerns is to establish trusts for your children.
Should one spouse have significantly more assets than the other, consider establishing separate property trusts. This allows you to either name your spouse as the distributor of your trust or have it distributed directly to your children. You should also ensure the joint trust you establish has clearly outlined protections for your children.
How Trusts Benefit Blended Families
Using joint trusts, as discussed above, when one spouse dies, half the marital assets are assigned to an irrevocable trust. This irrevocable trust benefits the surviving spouse. The surviving spouse lives off the income generated by the trust. The remaining principal is preserved for the children of the deceased spouse.
Is a trust the right option for your blended family? From wills to trusts to advanced healthcare directives, we, at the Grissom Law, LLC, handle every area of estate planning. We help unravel legal issues, including which assets each spouse brings to the marriage and the number and ages of each child in the blended family.
Many blended families prefer the option of a trust to provide guidance and clarity. Schedule a consultation today to learn more about how trusts can protect each member of your blended family. No two blended families are the same. Neither are all trusts. The best way to establish a trust account that benefits each member of your blended family is with the help of a knowledgeable expert. The estate planning attorneys at Grissom Law, LLC have the skill and knowledge you need to navigate the trust process. Call us today. We are here to help.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.