When you get married for a second time, it can be a joyous occasion. Because you and your new spouse have been married before, you may be bringing children or relatives from your previous marriages together in what’s called a blended family. Under such circumstances, estate planning can get more complex. This is because you’ll now have to consider how your property will be divided between your ex-spouse, new spouse, biological children, and step-children when you pass.
When you fail to plan your will according to the needs of your blended family, the consequences can be significant. For example, Peters v. Peters Estate (2015) saw the Alberta Court of Appeal declare that the estate of a parent who passes without a will, who was in a blended family, has no legal obligation to distribute the assets amongst stepchildren. When your new family and previous family have formed close connections, this is often not a desirable outcome.
If you’re planning your estate with a second spouse and blended family, it’s important that you seek legal guidance. The needs of every blended family are different, which is why tailored planning is a necessity. At Verhaeghe Law Office, our Edmonton wills and estates lawyers have years of experience helping clients plan their estate, regardless of their family situation. To discuss your options, schedule a consultation with our team today.
Key Estate Planning Challenges in Second Marriages
When you get married for a second time, it’s important to think about how your estate plan may need to change to accommodate your new wishes. Estate planning for blended families in Alberta can get complex, as many more people and their well-being must now be contemplated.
Some challenges individuals in second marriages may face when updating their estate plans include:
- Conflicting Support Obligations: If you owe spousal support or child support from a previous marriage, it may impact how your wealth is passed on to a second spouse after you pass. In Alberta, you are still legally required to support dependents even if this use of funds is not designated in your will.
- Accidental Disinheritance: Your will must be detailed and thorough to prevent unintentionally leaving out children or other individuals you wish to pass wealth on to. If you get married for a second time and do not have a will when you pass, all of your jointly-owned assets may automatically go to the surviving spouse, and not children from your present or past relationship.
It’s also important to consider how you want your assets divided or controlled amongst the important people in your life. When you have a blended family, you may want to adjust how much wealth each child or spouse gets in your will. In addition, you may change other provisions, such as your designated executor, power of attorney, or trustees.
Tools for Structuring a Fair Estate Plan for Blended Families
Although estate planning for blended families can get complex, there are solutions available to make sure your will is as thorough as possible before you pass. If you have a second spouse and step-children you want to provide for in addition to relatives from a previous marriage, some tools you can use are:
- Trusts: If you prescribe a trust in your will, you will be able to provide income to your surviving spouse after you pass while still preserving a certain amount for children. Both testamentary and inter vivos trusts can offer greater flexibility when it comes to asset control. An experienced estate planning lawyer will be able to advise you about the function of a trust and how it may benefit your blended family.
- Mutual Wills: If you would like legal assurance that your will won’t be changed by your second spouse after you pass, a mutual will may be a good option. In Alberta, both spouses or partners can agree to create wills with provisions restricting a surviving spouse or partner from changing the original distribution of assets. This is helpful for preventing disinheritance of children or loved ones from previous marriages.
- Neutral Executors or Trustees: If you are worried about conflict arising within your blended family after your passing, it may be beneficial to select a neutral third party as an executor or trustee. By appointing a professional to execute your wishes after you pass, you can prevent bias or disputes between family members from your first and second marriages.
Plan Ahead to Protect Your Loved Ones–Contact Verhaeghe Law Today
When you get married for a second time, estate planning gets more complex. Your plan should aim to balance fairness, legal duties, and emotional expectations. With the help of an experienced estate planning lawyer, you can be sure that your bases are covered once you have a second spouse.
If you’re in a blended family and unsure how to protect your loved ones through proper estate planning, our experienced Edmonton estate lawyers at Verhaeghe Law can help. Book a consultation today to get personalized legal advice.