Entering into a second marriage (or more) results in what we call a blended family, because ultimately you are blending one family with another and a new dynamic is created. Blended families are very common in modern life, and with these new families come sticky planning situations for children from the prior marriage. If you and your family have come together in a different way, then it simply makes sense for you to plan in a different way.
Financial Advisor recently took up the issues facing a specific type of blended family – one created when a senior widower remarries. The role of the widower is statistically proven to be one of the most likely to give rise to challenging situations. More than 60 percent of men (compared to less than 20 percent of women) are involved in a new romance or remarried within two years of the passing of their first spouse.
What many fail to recognize is that a new set of legal arrangements automatically apply upon remarriage, the implications of which may conflict with previously agreed upon intentions. Proper estate planning can eliminate, or at least mitigate, these unintended consequences. Of course, as Financial Advisor states, the revocable trust “may be a widow’s best friend.” A trust arrangement can put legal muscle behind your intentions and ensure they are carried out as you plan.
If you or a loved one is entering into a blended family, consider protecting any assets and rights from the beginning. A revocable living trust is a great tool to use for your piece of mind as you create a new family dynamic.
We have helped many clients with creating their revocable living trust!
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If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
Our firm helps families taking care of them for life. We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!
Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston
This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
Reference: Financial Advisor (October 16, 2012) “A Trust May Be A Widower's Best Friend”