Blended families are becoming common across the U.S. and Florida, with 50% of families falling into this category. Blended families can make estate planning complex for those who are trying to protect their children’s inheritance. Estate planning will help remove the headaches of preparing for your death. Staying on top of the paperwork regarding estate planning will help the process of handling your assets run smoothly.
Who are your beneficiaries?
The beneficiaries of your estate are the people you want to leave your assets to. Individual accounts held at financial institutions can have named beneficiaries. Opening a bank account or 401(k) comes with your beneficiaries named in the initial paperwork. Remembering to transfer beneficiaries from your previous spouse to your current wife or husband will avoid estate planning headaches.
Discuss your plans
Discussing the future with your spouse will help you to make the right decisions when planning your estate. Making sure your spouse understands your wishes regarding your children and finances will ease the process when the time comes.
Consider inheritance
Blended families require some time and effort to complete the estate planning process. Discussing whether your spouse will receive funds from the sale of your real estate property should be high on your list of priorities. Your estate planning will help to determine when your biological children will receive their inheritance. Creating a paper trail explaining how your biological and stepchildren receive their inheritance streamlines your movement through the probate process.
Now is the time to start thinking about your estate plan. A detailed estate plan will help ease the process of dividing your assets after your death.