Advice on Estate Planning for Oklahoma Blended Families

Statistics compiled by Pew Research show that over half of the families in the United States are either recoupled or remarried. Raising children in a blended family introduces a number of unique challenges. One of the most overlooked obstacles faced by these kinds of families involves estate planning. In the hopes of better preparing blended families for this complex but important task, the following will review some helpful suggestions: You Will Likely Need More Than a Will By using just a will in an estate plan, you create the possibility that disputes will occur among surviving loved ones and that your children will be left out of receiving any proceeds from your estate. It is often a wise idea to determine if you would be better off passing assets through a trust or one of several other types of estate planning tools. Recognize the Value of a Trust You might benefit from creating a trust that leaves assets to your spouse for that spouse’s lifetime and then passes the remaining balance to your children after your spouse’s death. Passing assets through a trust also ensures that a surviving spouse is able to access funds while he or she is alive     Read More