Monday, March 2, 2015
Considerations for Blended Families
Second marriages bring additional estate planning considerations, especially when children from past relationships are involved. Here are some tips for addressing a blended family in estate planning:
- 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 both the surviving spouse and the children of the first deceased spouse are provided for.
- Update power of attorney, advance health care directives, and any forms with beneficiary designations.
- Prepare and share a list of personal and work contacts with your new spouse.
See Alexandra Smyser, Estate Planning for Blended Families, Huffington Post, Feb. 27, 2015.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.