As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
For many parents, transferring real estate to their children is an important part of their estate planning process. There are several ways that parents can do this, each with its own advantages and disadvantages.
Trusts are widely used in estate planning, so estates can avoid going through probate and maintain privacy. The terms of the trust ensure the wishes of the property owner are adhered to and their property gets distributed to the proper beneficiaries.