Blended families can often encounter complex estate planning considerations. Clients that are involved in blended family situations should consider a prenuptial agreement. They will also need to be mindful of all their beneficiary designations, and they need to make sure that the forms are kept up to date. Spouses in blended families also need to be cautious when titling property. It is also very important to make sure that both a medical and financial power of attorney directive is filled out. Finally, it is extremely important to have an up to date Will and to also consider creating a Trust to have more control over how assets are distributed. People that are in a blended family situation should meet with an estate planner that is experienced in working with these types of issues.
See Carole M. Bass and Lori Douglass, Keeping it “Brady”, Wealth Management, December 14, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
