Second marriages bring additional estate planning considerations, especially when children from past relationships are involved. Here are some suggestions for addressing a blended family in estate planning:
- If you are not married yet, write a prenuptual agreement, which specifies who owns which asset, the support arrangement in case of future separation, and asset distribution in case of death.
- If you are already married, communicate with the your new-spouse and any adult children regarding your current financial situation, and desires for distribution of those assets.
- Set up a trust to make sure that the surviving spouse will be provided for.
- Set up a trust to make sure that the children of each spouse get their assets.
- Update power of attorney and advance health care directives.
- Update any forms with beneficiary designations.
- Prepare and share a list of personal and work contacts with your new spouse.
The information in this blog was adapted from
http://www.huffingtonpost.com/alexandra-smyser/estate-planning-for-blend_b_6754664.html
Disclaimer: This article only offers general information. Each situation is unique. It is always helpful to talk to a specialized attorney, to figure out your various options and ramifications of actions. As every case has subtle differences, please do not use this article for legal advice. Only a signed engagement letter will create an attorney-client relationship.