Multiple relationships and fewer bonds can often lead to some challenges, when it comes to settling an estate, according to the Financial Times recently in an advice column "Should I trust my wife to divide my assets fairly?"
The column discussed a man who was on his second marriage wanted to make sure both of his children received an equal share of his estate. The children were each from a different marriage, so the man was concerned that his second wife might not leave the same amount of money to the child from his first marriage if he left everything to her first.
The question almost begs the answer: well, if you must ask, then you have your answer.
That is not to say that stepparents can never be trusted to divide everything equally. However, the real trust factor to be concerned about is not the trust between the husband and wife. The real concern should be the trust between the stepparent and the stepchild. The better they get along and trust each other, the more likely they will work together without fighting over an estate.
It is normally best not to leave things up to trust and there are many different options for making sure everyone in your family is appropriately taken care of, regardless whether they trust each other.
An estate planning attorney can advise you on creating an estate plan that fits your family’s circumstances including planning for a blended family.
Reference: Financial Times (Feb. 6, 2018) "Should I trust my wife to divide my assets fairly?"