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Couples with a blended family face unique challenges, but one that often goes overlooked is estate planning. A proper arrangement will ensure all members of the family will be looked after in the event of a parent or stepparent's death, so this process is critical to the welfare of your family. For blended families, there are a few points to keep in mind to ensure everyone’s needs are met.

3 Tips for Estate Planning in Blended Families

1. Know the Right Questions

As you begin to make plans, it's important to know what to ask so you can consider every aspect of your family's financial affairs. Do you have ongoing monetary commitments to a former spouse or children who do not live in your home? Do you have significant debts, tax issues, or other financial matters that could be considered a liability if one of you were to die? How do you want your assets divided among your children and stepchildren? Questions like these will get you on the right track to tackle the hard but necessary decisions required while estate planning for a blended family.

2. Explore Various Estate Planning Documents

Estate planning Wapakoneta OHKnow your options when drawing up plans. For a smaller estate, a will might be sufficient. If you own property you want to pass on to heirs, a living trust could be helpful because it eliminates the need for your estate to go through probate. Also, consider end-of-life and critical care forms like powers of attorney and advanced health care directives; they can guarantee your wishes will be adhered to and someone you trust will be in charge of your financial affairs after your death.

3. Meet With an Estate Planning Attorney

Excellent communication is essential when carrying out the task of estate planning for a blended family. Include a lawyer in your planning process to facilitate discussions. An attorney will help your family have the important conversations necessary for effective planning — issues can be brought up in a calm environment, questions will be answered, and a solid blueprint for moving forward can be achieved.

 

Don't be daunted by the demands of estate planning for a blended family; an attorney can guide you through every step of the process. Dennis P. Faller, Attorney, an estate planning lawyer in Wapakoneta, OH, can provide the expertise you need. Call (419) 738-4578 or send a message online to schedule a consultation. Connect with the firm via Facebook or Twitter for more legal tips and updates.

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