With divorces and remarriages now very much a fact of American life, keeping peace in the extended family often requires astute and careful estate planning to avoid potential inheritance disputes.
Financial planners and legal experts both agree that they are seeing more friction between adult children and their parents due to remarriage and mixed families. They also agree that to keep peace in the family requires both good estate planning and open communication.
How can you avoid family friction and the potential legal battles that loom if you remarry? Obviously, there is no one solution that will fit every family, but the consideration of legal instruments like prenuptial agreements, postnuptial agreements and other estate planning tools can help you keep the family waters smooth.
For example, many people in blended families utilize trusts to provide for a surviving spouse and to leave property to children, as well as save on estate taxes. It is often a good idea to make specific designations of family heirlooms and other personal property to children in writing, as part of a will or trust.
Careful estate planning, however, is just half the equation. You must also be willing to share your estate plans with family members so you can deal with any potential negative reactions in advance. Doing so may save your heirs from spending a lot of time and money in court.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.