Many of our clients come to see us after they have found their “happily ever after” the second time down the aisle. Higher divorce rates and longer life spans have increased the possibility of second or third marriages. With new marriages, come new ways to approach estate planning.

Blended families, as they are often referred to, are comprised of couples who have re-married and who might have children from previous marriages, as well as children from the current marriage. Creating an estate plan for blended families adds an intricate layer to the estate planning process. For example, if you have children from a previous marriage, you not only want to make sure that your new spouse receives a portion of your estate, but you must also ensure that your children are taken care of as well.

In a typical estate plan with a revocable living trust, upon one spouse’s death, the surviving spouse inherits the entire estate and may amend or revoke the trust as they like. This could cause potential issues if you have significant assets that you would like your children from the previous marriage to receive upon your death. With a properly executed estate plan, you can make sure that your assets are distributed to persons you want them to be distributed to.

Another thing to consider with blended families is updating beneficiary designations on investment and retirement accounts or life insurance policies to identify your new spouse instead of your prior spouse. It is an unfortunate common occurrence that individuals forget to update their beneficiary designations upon remarrying, and prior spouses receive the funds instead.

As you can see, planning for blended marriages starts with clear communication between you and your spouse. Honesty about finances and assets, as well as who you would like to designate as beneficiaries is extremely important. Different estate planning techniques are required for different family situations. Given our expertise, we can help decide which type of estate plan will best protect your unique family. If you would like to discuss your options, please contact us to set up a consultation at 818.956.9200.

Glendale Location

616 E. Glenoaks Boulevard, Suite 203

Glendale, CA 91207

Sherman Oaks Location

15303 Ventura Boulevard, Suite 900

Sherman Oaks, CA 91403