While estate planning includes certain tools and general approaches, it is important to tailor the process to the specific family situation of those involved. One such situation is found in blended families—put simply, these are families in which at least one of the parents has been previously married and may even have one or more children from that prior relationship. Another term used to describe these families is “stepfamily”.
The Importance of Communication
Beyond all legal and financial considerations, one of the keys to estate planning in general—and especially for blended families—is communication. A family that remains silent and does not encourage open dialogue among its members is highly likely to struggle with asset protection and proper wealth transfer to future generations. A family group that communicates openly among its members has already accomplished much of the work; on the other hand, when there is a lack of communication, it may be necessary to involve a third party to help change the family’s communication culture. Just as family conversations are vital, so is the exchange of information with professional advisors. Typically, when speaking with lawyers, for example, it will be necessary to disclose personal information, which can be uncomfortable. It is hard to talk about past relationships, divorces, illnesses, conflicts, etc., but it is important to do so to give the professional a complete picture and allow them to offer the best possible solution. It is worth remembering that lawyers, to continue with this example, are bound by confidentiality and must keep what clients share with them private.
Past Relationships
As mentioned at the beginning, a defining feature of a blended family is that one or both parents have had formal relationships in the past. This does not refer only to marriages—it could also involve a couple who lived together without officially marrying. This is relevant because, even if the relationship ended, there may still be legal consequences that need to be evaluated by an attorney. Similarly, if a couple was legally married but later separated, it is key to ensure that the divorce was carried out according to the applicable legal process. In some cases, the couple may have never officially divorced, and it might be time to close that chapter. Additional complexities can arise when the couple married under the laws of one country, separated in another, and are now living in entirely different countries.
The Children
In addition to the couple’s relationship itself, there may be children involved—whether from the current relationship or from previous ones. These children may be minors or adults and may or may not be living with one or both parents. The relationship between the children and their parents or siblings may also be strained. Some children may even live in another country, which could involve tax issues that need to be addressed. Regardless of the situation, all of this must be considered in estate planning.
Where to Start?
Estate planning is not an easy process, and it can be even more complex for a blended family. That does not make it impossible, nor is it an excuse to delay it. At SUCRE ARIAS REYES, we have a team of specialists ready to evaluate your family situation and offer solutions that best suit your needs.
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