For blended families I plan for one thing above all: making sure one side does not take it all. A husband and wife each have children from before. They own a house together as joint tenants. One of them dies, the surviving spouse owns the whole house, and guess who receives it after that. Their own kids. They built it together, and absent a plan the result is entirely one-sided.
What I Said
From my September 10 Parents Edition workshop at the Cambria Hotel in Calabasas, lightly edited for readability.
For blended families and for children with special needs, we need extra planning. For blended families, we're going to make sure that one family doesn't take it all, because there's a situation when husband and wife have their own children, they have a family, as you are dealing with it right now, and they have a house together as joint tenants. One of them dies, the surviving spouse owns the whole house.
And guess who he or she will give the house to? To the kids, of course. But it is not fair, because they've built it all together, and absent the plan it will be very one-sided.
The full talk, written down: Who Picks Up Your Child From School if You Never Come Home?
More on this topic: Living Trusts
More From the Workshop
- I Named My Daughter Successor Trustee at 18. Most Parents Should Not.
- Left Directly to a Minor, It Sits Until 18. And Anyone Can Raise a Hand.
- Help Your Children. Do Not Sponsor Them.
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