Estate planning for blended families

On Behalf of | Aug 11, 2021 | Estate Planning

A second marriage can be a beautiful, welcome change for many families. If there are children or other heirs in the second marriage, it’s important to consider what will happen with your assets and funds when you pass away. While you can’t guarantee that everyone in your blended family will be satisfied with the arrangements you’ve made for your final wishes, you can avoid mistakes and provide clarity for your loved ones. If you’re a Florida resident, here are some estate planning tips to keep in mind.

Change your beneficiaries

Many people forget to change the beneficiaries on their wills when they get married a second time. It is important to make updates as you revise your estate plan to ensure that your new spouse is the beneficiary for your 401(k) and that your children and stepchildren are entitled to your accounts at your discretion.

Adjust your will

Making the desired changes to your financial documents to designate beneficiaries will ensure that your ex-spouse does not get your retirement funds. In addition, you will have to determine who gets the remainder of the assets you accumulated with either spouse during your lifetime when you update your estate planning documents. For instance, you may not want your ex-spouse to get your home, so you should make sure your will indicates that your current spouse should be the executor of your residence.

Many people in their second marriage leave the assets to their surviving spouse and indicate that any remaining property or funds be divided between the children and stepchildren. However, if not everyone in the family is getting along at the time of the decedent’s death, the surviving spouse may not properly divide the decedent’s assets. Setting up a trust or making other plans can help ensure that both biological children and stepchildren receive an inheritance.