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Blended Families Need to Consider Estate Planning

May 12, 2016

Filed under: Estate Planning — Neel Shah @ 9:15 am

If you have recently remarried, there are unfortunately more opportunities for uneven distributions and disputes when you pass away. You need to carefully consider the inheritance you have set aside for anyone else as well as any beneficiaries you have named in your life insurance, trust, wills and retirement accounts.New Jersey estate planning

It is likely that after remarrying, you may still have your former spouse listed on these accounts. If you do have minor children you also need to think carefully about who needs to be their guardian in the event that you were to pass away. Some of the following questions you should consider when conducting your estate planning with a blended family include:

  • Does my current spouse or former spouse have the authority to make healthcare decisions for me if I were to become incapacitated?
  • Has my new spouse given me the authority to act on his or her behalf for financial and healthcare decisions?
  • Does my current spouse or former spouse have the ability to manage my financial assets if something happens to me?
  • Is my surviving spouse now listed as beneficiary on all accounts including trusts, wills and retirement?
  • Does my current estate plan outline that my current spouse will be cared for when I pass away and does it ensure that my children will receive any remaining benefits when he or she passes away?

Conducting your estate planning with a blended family is just as important as any other circumstance. Contact an experienced New Jersey estate planning attorney today to learn more.

 

 

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