Blended Family May Be Estate Plan Challenge

Fairly dividing an estate among the children can be difficult with remarriages. Resolving the issue of dividing an estate with a blended family, sparked a recent letter to Market Watch in "How do I split my estate between my two stepdaughters and biological son?" Among the issues in the letter were people remarried with children from a previous relationship and then the remarried couple had a son of their own. With the ownership of three houses, it got really confusing. Among the answers to the letter were that there is no single perfect solution to the situation that will work in all cases. It depends on how much the woman brought into the marriage and how old her step-daughters were at the time. What will work for one family, will not work for another. If the women brought few assets into the marriage, then the fair thing to do might be to give her a life estate in the property, but then divide that property up equally between all three children when she passes away. An estate planning attorney can guide you in creating an estate plan that meets your unique circumstances, which could be the challenge of a blended family. Reference: Market Watch (August 8, 2017) "How do I split my estate between my two stepdaughters and biological son?"