Estate Planning For Blended Families

Things can get complicated when planning for the estates of blended families, and with the number of remarriages on the rise these issues are going to become more common.  One of the biggest issues that people in blended families face is planning where their assets will be distributed after they die.  This article offers some estate planning advice for blended families. 

Getting the beneficiary designations right is crucial for making sure property is correctly distributed.  It is common for remarried couples to use revocable or irrevocable trusts to spell out distributions.  Having a prenuptial agreement is also good way to make sure estate planning is done right.  People should also not forget to make plans for issues like guardianship or power of attorney in the event someone loses capacity.  These are all issues a person needs to consider when designing an estate plan for a blended family.

See Judy Martel, Estate Planning Tips For Your Blended Family, Forbes, June 23, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.