The Estate Planning attorneys with Nay & Friedenberg discuss different options for a blended family’s estate plan.
What is the best way to provide for children from a former marriage while not shortchanging your new spouse? What about your new spouse’s children?
For example, a simple approach is to leave everything to the surviving spouse and on the second death to the children of both spouses.
Another approach is for the spouses to keep their assets separate, provide nothing for each other, and instead have their own children inherit their entire estate on their deaths.
There are also many possibilities that lie between these two extremes, including the use of trusts. For example, leaving your assets in trust for your spouse’s lifetime and at his/her death to your own children. Sometimes spouses will contract to “freeze” the plan so that it won’t later be changed.
The important thing is to have a plan. Even if your children are not minors, carefulestate planning is important, since inheritances are a major cause of family resentments and legal battles.
An experienced estate planning attorney makes all the difference in making sure you have a proper inheritance plan for your blended family’s needs. Contact theEstate Planning attorneys with the Law Offices of Nay & Friedenberg in Portland, Oregon at (503) 245-0894 to set an appointment.