5 Estate Planning Tips For Blended Families
With a second marriage can come more complicated estate planning needs, particularly if spouses bring their own children to the marriage. Existing plans should be updated to reflect a change in spouse as well as gifts to each spouse’s children. Below are five considerations for establishing an estate plan for a blended family:
Update beneficiaries on life insurance policies and financial accounts, as well as power of attorney appointments.
Make sure that your second spouse and any children between the two of you are provided for as you wish in your wills.
Consider making unequal bequests to children depending upon what each spouse brings to the marriage and each child’s personal situation.
Make gifts while you are still alive to take advantage of the annual exemption amount and to have the opportunity to watch your children enjoy these gifts.
Seek legal advice to help navigate the complexities involved in planning for a blended family.
More ideas and information can be found in this recent piece provided by the AARP.