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Wills, trusts and blended families

Posted by Lidia Law Firm, P.C. | Jun 23, 2019 | 0 Comments

Many people in Oklahoma find themselves contemplating a new marriage after having been married at least once before. This can and should be a very happy experience and a reason for celebration. However, it is also a time for people to be practical and address some important matters. Among these matters are their wishes for their estates after they die.

Spouses may naturally want to provide for each other after their death but they may also want to leave money or belongings to their children and grandchildren. When the new spouse is not the parent of a person's children, it can become difficult to figure out how best to provide for both parties. A solid estate plan is a must.

As recommended by Fidelity Investments, couples should have frank conversations about their assets, debts and long-term goals. They should be sure to review any obligations they have to a former spouse or to their children per a divorce decree or other agreement. Depending on the ages of their children, they should also have discussions with the kids so everyone knows what to expect well in advance. These conversations may go a long way toward avoiding a conflict after the person dies and the contents of a will or trust are discovered.

Forbes adds that in addition to crafting a trust and a will, people should make sure they update any beneficiary designations they have on their retirement plans, life insurance policies or other accounts. These designations will always supersede the instructions in an estate planning document.

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