How to create a good estate plan for a blended family

Many people in Minnesota are able to find a new love after previously getting divorced. If you are one of these people, you should be able to feel positive about your future but you should also know that it is important to take clear steps to outline your wishes for your estate after you die. Estate planning with a blended family can be more complex than estate planning in a first marriage.

You will likely want to provide for both your new spouse and your biological children and how you set up your estate plan will make a big difference in your ability to do this. As explained by Fidelity Investments, you should consider all of the types of assets you have and how you may assign inheritance rights for each. For example, your retirement account and life insurance policies will have beneficiary designations. Other assets may need to be addressed via a will or a trust.

You should also review the terms of your divorce to ensure that you are not responsible for keeping your former spouse as a beneficiary on a policy, for example. Estate planning for remarried couples requires frank and open conversation as both spouses should outline their long-term wishes together and disclose all assets and debts they bring into the new marriage.

If you would like to learn more about how to care for your children and your spouse by creating a strong estate plan after getting remarried, please feel free to visit the blended family asset plan page of our Minnesota estate planning website.

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