Different plans, tools, and strategies might be needed for people with other life stories.
The U.S has a divorce rate of more than 50%, and many divorcees end up moving on and remarrying. So it is no surprise that there are more blended families today than ever before.
This was the subject of a recent Investing Daily article titled “Estate Planning for Modern Families.”
Families with children from one or more marriages or relationships may require different tools and strategies for estate planning than those from a couple's one and only marriage. Yet another set of circumstances arises when one parent remarries and the other remains single.
Each of these situations—as well as yours—is very unique with different facts, scenarios, and requirements. The best way to address your estate panning needs is to speak with an attorney who concentrates his or her practice in this area. They will be able to assist you with creating the plan that will work the most efficiently and advantageously for you and your family.
Reference: Investing Daily, February 27, 2014, “Estate Planning for Modern Families”