Why Modern Families Need to Rethink Traditional Estate Planning
By
Robert Powell, CFP - Retirement, Senior Editor
Summary
Estate planning expert Harry Margolis explains that traditional estate plans, designed for mid-20th century nuclear families, no longer fit today's diverse family structures. Modern families—with second marriages, blended households, unmarried partners, same-sex couples, and children from multiple relationships—require more personalized and frequently updated estate plans. Margolis emphasizes that families must revisit their plans as circumstances change to avoid unintended consequences.
Source
bskyWhy Modern Families Need to Rethink Traditional Estate Planningbit.lyKey quotes
· 3 pulledTraditional estate plans were largely built around a mid-20th century family model: married parents, shared children, and relatively straightforward inheritance decisions.
Today's families often include second marriages, blended households, unmarried partners, same-sex couples, and children from multiple relationships.
Estate planning has become more personal and more complicated, and families need to revisit their plans as circumstances change.
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