When a family includes second marriages, step children, and the need to still provide for former spouses, estate planning can become much more complex.
The first step is to create a flow chart that illustrates how assets will pass in various scenarios. This give everyone a clear picture so they can determine the best course of action and how much power a surviving spouse should and will have. Once this path of asset flow has been determined, a plan can be established to ensure the assets do in fact transfer the way the client intends. This may include a trust - either revocable or irrevocable- as well as a Last Will and Testament.
The next step is to make sure all beneficiary designations on retirement accounts and insurance policies match with the intended flow of assets. It is also vital to check the contingent and secondary beneficiary designations.
Make sure you share information about any prenuptial agreements with your estate planning attorney as the language in these documents may impact the estate plan.
In addition to finances and the flow of assets, it's also important to discuss health care powers of attorney and living wills. Have appropriate conversations with family members about who is designated to make health care decisions, especially if a new spouse is designated.
Communication is key to a harmonious blended family estate plan. Please Call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planing Attorneys to learn more about Estate or Elder Law and how we can help you.
