Handling the intricacies of estate planning and administration may be especially complicated for a blended family. It can be difficult to navigate the intertwining dynamics and evolving interests of all parties involved.
Our Edmonton estate administration lawyers can offer valuable legal guidance with regards to your family and estate, no matter your family structure. Contact us today to schedule a consultation.
Common Issues Blended Families Face
Every blended family is unique, and so are their problems that could arise when dealing with estate matters. That being said, there are some common issues that may be worth noting. They include:
- Handling the relationships between step and biological children;
- The financial stability of a surviving spouse;
- Extensive or confusing tax implications;
- Conflicts between extended family members;
- Addressing wills and other legal documents that may have been created before the family dynamic changed;
- And more.
A blended family occurs when two people begin a legal partnership (marriage or common law) that brings their children from previous partnerships together into a new family dynamic. They may also have biological children of their own, adopt additional children, and so on. When one of these parents passes away, financial and emotional issues may arise as the family dynamic shifts.
There may be preemptive measures that you and your new spouse/partner can implement to better prepare your blended family for the future administration of your estate. In any case, it may prove useful to contact an Edmonton estate administration lawyer to go over your options.
Creating a Will
When your family blends with another, you and your partner may want to consider reassessing your estate plans. That way, you have an updated plan in place that takes your new family dynamic into account. You may create a mutual wills agreement or implement two separate wills. It may be useful to name an executor that can remain impartial and is capable of managing complex family issues should they arise.
Regardless of how you and your new family choose to proceed, you may want to review the essentials to estate planning, and how to begin the process in Edmonton. Through this, you may be able to create a plan that reflects your family’s goals and wishes when establishing a power of attorney, probates, beneficiaries, and more.
Consider a Trust or Prenup
You may want to think about adding a trust to your estate plan. This will help you and your spouse/partner protect assets and provide for both your family’s current and future financial requirements. Plus, trusts may be structured in a way that can accommodate the many needs of a blended family. They could ensure that your assets are one day distributed in the way that you choose. There are various types of trusts available for estate planning purposes in Alberta that may be worth looking into with your lawyer.
A prenuptial agreement may also help determine your estate’s future. Created before your marriage, a prenup is an opportunity to start having collaborative discussions about difficult or confusing financial issues. By doing so, your blended family will be prepared and protected for whatever the future may hold.
In any situation, your blended family may benefit from keeping the lines of communication open, and by reviewing your plan as your family grows and changes.
Contact Our Edmonton Estate Administration Lawyers Today
As you and your loved ones work through the complexities of estate planning and administration for your blended family, it may be beneficial to speak to a lawyer.
Contact us to schedule a consultation to discuss your individual circumstances today.
** Please note, this article is intended as a general overview on the subject of estate law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta estate lawyer.
