Estate planning can be difficult for those divorced, widowed, or remarried. There is an increased chance of planning your estate incorrectly since you have to make sure your assets go to the correct people. You would want your assets to go your current spouse rather than an ex or that your children and stepchildren both get what you want them to get. Additionally, you want make sure that all key decisions are in order before your passing. Some questions you might want to ask are:
- What plans do you have for when you pass?
- How will you provide for your surviving spouse?
- Who is going to take care of your children?
See Matthew T. McClintock, “Blended Families: The Estate Planning Questions You Need to Ask,” Estateplanning.com (Nov. 13, 2014).
Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal