Estate Planning Tips for Canadian Blended Families

What to consider when two (or more) families become one.

Vikram Barhat 10 August, 2023 (read the full article on Morningstar.ca)

The Brady Bunch from the 1970s show made blended families seem like an absolute blast, but when it comes to handling finances in such a dynamic, it can turn into quite a knotty undertaking.

Combining two families, whether the emotional aspect of it or figuring out the physical living arrangement, requires walking a tightrope for many Canadians. Factor in the intricate financial complexities of this “yours, mine and ours” equation and you have a breeding ground for acrimonious disagreements.

Blended families face unique estate planning challenges. Here’s a rundown of some challenges and steps to consider to avert legal disputes, safeguard assets from creditors, and address emotional issues.