retiring couple with attorney

Retirement is a big transition for many individuals and couples, but when you’re part of a blended family, parents plus children from previous marriages, estate planning in Arizona becomes even more complex.

Retirement should be a time to relax and enjoy life. Still, suppose the proper steps aren’t taken to ensure everyone in your family is taken care of. In that case, it could create financial and emotional chaos down the line.

Create an Estate Plan that Works For Your Family

You know estate planning can be complicated if you have a blended family. You want to ensure that your assets are divided equally among your children, but you also don’t want to leave anyone out. Here are some tips for creating an estate plan that works for your blended family as follows:

Talk to Your Spouse About Your Wishes

You and your spouse must be on the same page regarding estate planning. Discuss how you want your assets to be divided, and ensure you agree on the plan.

Create A Trust

A trust can be a helpful tool in estate planning for a blended family. It can help ensure that all your children are taken care of after you’re gone and that your assets are distributed appropriately.

Make a Will

In addition to trust, it’s also essential to have a will. This document can help ensure that your assets are distributed according to your wishes and that all your children are taken care of after you’re gone.

Meet with a Professional

Once you’ve decided on an estate plan, meeting with a compassionate and knowledgeable professional familiar with estate planning is important. This can ensure that everything is in order and that your wishes will be documented and carried out after you’re gone.

Common Mistakes Made When Estate Planning for Blended Families

When estate planning for blended families, a few common mistakes are often made. A common error is failing to update beneficiaries on life insurance policies and retirement accounts. This can cause problems if the named beneficiary is no longer applicable, such as in the case of divorce or death.

Another mistake often made is failing to communicate with all blended family members about the estate plan. It is important to ensure that everyone understands what assets are being left to whom and why. Without communication, there can be a lot of conflict and confusion after the death of the primary breadwinner.

Peace of Mind and Financial Protection

Careful planning can ensure that your assets are distributed according to your wishes. This can also protect you from financial risks and provide peace of mind for you and your loved ones.

Andre L. Pennington attributes his passion and success as an Arizona estate planning lawyer and licensed financial professional to one thing: wanting to do what’s right for his Family.