More and more families in San Diego county are “blended families” (families that include children from previous marriages or relationships). It is estimated that 50% of first marriages end in divorce and that there are now more “blended families” in the county than traditional families.
Blended families face a number of challenges, not the least of which is estate planning. Many couples each have children from previous marriages and may have children of their marriage together. How is a trust created that will provide sufficient income for the surviving spouse and then after the second death, distribute the estate to the children of both spouses and their children together? What if the surviving spouse remarries and wants to leave assets to a new spouse or has additional children?
Another issue that can arise is if you have divorced and remarried but have no estate plan when you pass away. Your minor children may receive a portion of your estate through probate, but who will manage the children’s inheritance? Probably your ex-wife which may or may not be your preference.
These and other issues make it vital that blended families have an estate plan tailored to fit their unique situation. A QTIP trust is a type of revocable living trust that may be appropriate for blended families. It can provide income to a surviving spouse and also insure that the remainder of the estate will be distributed or held in trust for the decedent’s children.
At Law Office of Scott C. Soady, A Professional Corporation we can assist San Diegans with these and other issues affecting blended families. Please feel free to contact us by phone or e mail us for a complimentary in-house consultation.