Estate planning for blended families

   If you’re in a blended family, you’re already aware of the emotional and financial issues involved in your daily life.
   But what about the future?
   How can you make sure your estate plans are fair to everyone involved?
   It’s not easy.
   But you can do a lot to help the process.
   For starters, make sure you’re communicating your wishes clearly to everyone – children, stepchildren, current spouse, former spouse and any other family members involved.
   Also, you may have to look beyond the basic task of writing a will.
   Given the complexities of a blended family, you may want to consider establishing a revocable living trust, which gives you greater control over how you want your assets distributed.
   And you may want to choose a professional trustee to administer the trust.
   Above all, though, put the right estate-planning team in place.
   You’ll certainly need to work with an attorney, and you may also want to bring in your tax advisor and financial professional.
   Estate planning can be complex – especially with a blended family – and you’ll want to make the right moves, right from the start.
   This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.    

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