Planning your estate is a necessity that is often broached too late in life, causing unnecessary stress and confusion. If you have made the decision to get started with the planning of your estate for your blended family in the state of Florida, there are a few considerations and tips to keep in mind.
Change and update your beneficiaries
One of the most common mistakes with estate planning is forgetting to change and update beneficiaries, especially after a divorce, separation, or even after death. If you have divorced your previous spouse, be sure to update your beneficiaries while you are in the process of planning your estate.
Not updating your will
A major factor involved with estate planning includes updating your will. If you have not updated your will since your previous divorce, your estate may still be given to your former spouse upon your passing, which is likely to lead to confusion and unnecessary stress for your new spouse and/or children.
Get specific with your planning
A common misconception for those who are in the process of planning their estate for a blended family is that all heirs are to receive equal treatment and inheritances. However, not only is this not required or necessary, but it can be extremely detrimental, especially for a large sum of wealth. Designate funds and properties to your inheritors based on plans you envision for them as well as what you feel is best for their futures.
Work with the right lawyer
Do not miss out on any opportunity to ensure that your estate planning process goes over as smoothly as possible. The right lawyer might be able to help.