Yours, Mine, and Ours Estate Planning for Blended Families
November 02, 2022
Every family is one-of-a-kind, following its own unique path and writing its own special story. However, if you are dealing with the complications of a “blended family”, know that you are not alone. In the U.S., approximately 40% of families are blended. *
40% of families are blended in the U.S. *
What is a “Blended” Family?
A blended family, also referred to as a “stepfamily”, is generally defined as any household that results from a divorce or remarriage. This would include married couples in which one or both spouses have children from previous marriages but also may be extended to include:
- Families with children whose spouses have children from a previous marriage
- Families with children who are in second or third marriages and who have children from previous marriages
- Families that include a stepparent, stepsibling, or half-sibling
While every family can benefit from a well-considered estate plan, estate planning is especially important for those with blended families because as family structures become more complicated, so does the process of transferring wealth across generations. To ensure that your wishes for your legacy are met, you need to understand your estate planning challenges, and your options.
To read the full article, please download our latest white paper:
"Yours, Mine, and Ours - Estate Planning for Blended Families".
* Marriage, Family, & Stepfamily Statistics, Smart Stepfamilies, updated 2021
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This material is presented for informational purposes, and nothing herein constitutes legal, accounting, or tax advice. Please consult with an attorney or tax professional regarding your specific financial, legal or tax situation.
The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.