Canned planning is horrible enough with traditional families, but with blended families it doesn’t even offer the illusion of estate planning. Because the issues can be complex, many blended families put off getting the professional advice they need.
Further, when it comes to planning, many of the most blended families also appear to be the most willing to rely on intestacy, a system that’s woefully ill-equipped to deal with this growing complexity. Forty-nine percent of respondents with a stepchild don’t have a will, 59 percent of respondents who have been out of contact with their genetic children for at least one year don’t have a will and, shockingly 62 percent of divorcees don’t have one. Now, these statistics include those from all walks of life, so the end results may shift when broken down by wealth segments, but when you’re dealing with numbers this large, it’s highly likely that many of these respondents have advisors, and those advisors are sleeping on the job.
Source: Blurred Lines
In your circle of friends or clients, do you know of any blended families lacking an estate plan?