Eden Prairie, MN Estate Planning Attorney David Ness talks about certain challenges in estate planning for blended families.
More In This Category
Planning for blended families can get a bit tricky you know essentially each individual has to set their priorities. For instance, for married couples that each bring children into the marriage what are they leaving each other versus what are they leaving the children they brought into the marriage and other interested parties as a whole. So prioritizing what might be left to spouse versus children is very important.
The other issue that arises is what authority does a surviving spouse have to change the plan. So if you leave everything to, if you die first and leave everything to your surviving spouse does he or she have the opportunity to completely change the entire plan? Or have there been some protections put in place with most typically trusts where you leave an interest to a surviving spouse but whatever may remain is kind of set in stone, so to speak.