Estate planning strategies for blended families discussed by Paul Hergott

In a column series, Paul Hergott discusses estate planning strategies for blended families, specifically focusing on how to manage inheritance when spouses have children from previous relationships.

Using a fictional scenario involving a couple named Amanda and Robert, the text explores the limitations of traditional mirror wills. In such arrangements, assets typically pass to the surviving spouse and then to the surviving spouse's biological children. This can prevent a spouse from directing their share of the combined wealth to their own chosen beneficiaries if they wish to exclude a stepchild.

To achieve a more equitable division where wealth is split 50/50 between the biological children of each spouse and the other's chosen beneficiaries, Hergott suggests that simple wills may be insufficient and that more complex tactics or separate written agreements may be required.