Estate planning can be complicated in any situation, but families that have been blended through marriage and divorce can create additional obstacles to overcome. If you are attempting to build an estate plan in California with a blended family, you may have run across some confusing issues. We at the Law Offices of Alice A. Salvo are experienced in handling this or any other type of planning and can assist you as you create the perfect plan for your family.
According to Forbes.com, one of the biggest problems that parents in blended families face is the question of where their money and property will go after they pass away. This can include much more than a house, vehicles and savings accounts. Experts say that many people also need to determine where their insurance policies, retirement accounts, stocks, bonds and other funds will be designated once they are gone. While you may be happy to let your spouse have complete control over the assets once you pass, there may be some situations in which you are more comfortable with another person or entity being in charge.
Experts recommend creating a plan that will be put in place no matter who dies first. There are several errors that can made in these situations, such as forgetting to remove your ex-spouse's name as the primary beneficiary on some accounts or trusting that all children will receive an equal amount.
In some cases, the best solution is to name multiple primary beneficiaries, perhaps one for each asset. For more information on how to create an estate plan that will meet the needs of your family, please visit our web page.