Estate Planning & Your Blended Family

Second marriages can present a unique set of obstacles when it comes to estate planning. You and your new spouse could have children from a previous marriage and children with each other and you will likely want to provide for your new spouse while making sure your property goes to your children. Luckily, there are resources you can utilize to obtain the estate plan you desire.

Here are some helpful suggestions for putting together an estate plan that reflects your wishes for your blended family.

You should first determine what you would like from your estate plan and what you desire to happen with your assets when you or your spouse pass away. You will need to think about the future of your home, car, jewelry, investments, insurance, retirement plans, and brokerage accounts. These are very important decisions, so you should take the time needed to think over them.

You should look over your insurance policies or retirement accounts to see the beneficiaries you have designated. You may need to update or change their beneficiaries when they get divorced or remarried.

Compile a list of any special assets you want to leave your children and put this into writing in your final estate plan. Not being specific in your plan can be ruinous, especially if the children are convinced that a parent wished for them to have something particular.

It can be advantageous to learn how to utilize trusts, such as when you want something such as a home to ultimately end up going to your children rather than leaving it to your spouse outright without any conditions.

With so many considerations, it is to your advantage to have a Sacramento estate planning attorney behind you to advise you while you create an estate plan. The Woodbury Law Office can provide you with needed legal counsel at each step so call our firm today!