Whether you are in a blended family or not, you likely know a few. One thing all these families have in common is that they are not simple. With blended families comes a need for effective estate planning for blended families. These tips will help protect your family and your finances.
1. Consider Hiring Your Own Lawyer
It is not always a bad idea to have the same lawyer as your current spouse; however, a conflict of interest may arise when you are planning your estate and both have children to consider. Plus, you can ensure your confidentiality when you are working with your own lawyer.
2. Consider Multiple Scenarios
It is possible that you will pass away before your spouse, but it is also possible that he or she will pass away before you. You must consider this when you plan your estate, ensuring that those who need protection and assistance receive it.
3. Review Insurance Policies and Other Accounts
Are you sure that you changed all your accounts after your divorce? Has anybody in your family passed away? Make sure to update accounts so that they reflect only those for whom you still want to leave property. You also need to make sure that everybody will receive exactly what you want them to receive by understanding the wording of your documents.
4. Work with Somebody Who Understands
Only a lawyer who specializes in estate planning can really understand your needs and the best interest of those you want to protect. Hire an attorney who understands everything that you don't.
5. Be Careful Selecting an Executor
You must trust your executor to fulfill your wishes exactly. Additionally, you need to trust that your executor is not biased against your wishes in any way.
Do you have more questions about estate planning for blended families? Contact us to learn more about your options.