Estate Planning For Blended Families

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Estate planning for blended families adds a layer of complexity. Each estate plan will differ based upon personal and financial goals as well as the age of and relationship with the children involved. Below are some issues to consider during the process of estate planning for blended families.

Have the conversation

As much as none of us want to admit it, money represents love. If your children, no matter their age, think that all of your money, love, and attention has now gone to a new spouse and a new family, your relationships with your children will be strained.

While all the estate planning decisions are yours, allow your children to know that youve entered into the estate planning process and that they will be cared for and loved. Allow them to ask questions.

If you have trouble with the conversation, your estate planning attorney can provide discussion points or even lead a family meeting. The family meeting is a great opportunity for your adult children to learn about estate planning, get to know your estate planning attorney, and learn about any roles that they will play in your estate plan.

Avoid disinheritance

Unless it is your goal to give everything to your surviving spouse and totally disinherit your children, do not put your assets in joint names with your second (or third) spouse. If you die with everything in joint names, everything goes to your spouse and your children inherit nothing. Nothing.

In addition, if you name your spouse as the beneficiary of your life insurance policies and retirement plans, your spouse will inherit these assets and your children will inherit nothing. Nothing.

Your choice; Your plan

Your estate planning decisions are your own. The purpose of this article is to convince you to fully understand the consequences of your estate planning decisions. You need to understand that even if you provide for your children in your will or trust, they will receive nothing if you own everything jointly with your spouse.

If you have questions about estate planning for blended families, consult with a qualified estate planning attorney.


About the Author:

Deborah Sexton Law Office,PA is a leading provider of expert estate and financial planning in Fayetteville, AR. For more information on estate planning, visit our website.



Article Originally Published On: http://www.articlesnatch.com


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