A well-crafted Missouri estate plan can help ensure that your assets are distributed according to your wishes after you die. If you are in a blended family, it is important to have an estate plan that reflects your unique situation.
Have a clear understanding of your assets
This includes both your financial assets, such as bank accounts, investments and real estate, your personal belongings, and your intangible assets, such as life insurance policies. It is important to have a clear understanding of your assets because you need to know what you have to distribute after you die. If you don’t have a clear understanding of your assets, it will be difficult to make an estate plan that meets your goals.
Update your beneficiary designations
If you have life insurance policies, retirement accounts or other assets with beneficiary designations, it is important to update them after you get divorced or enter into a new relationship. Otherwise, your assets may get distributed according to the original beneficiary designation, which may not reflect your current estate planning wishes.
Choose the right trustee and executor
The trustee is the person who will manage your assets after you die, and the executor is the person who will carry out your wishes as expressed in your estate plan. If you have children from a previous relationship, you may want to consider naming a co-trustee or successor trustee to manage the assets for them. You should also choose an executor who is responsible and trustworthy and who will be able to carry out your wishes.
Draft a comprehensive will
A will is a legal document that expresses your wishes for the distribution of your assets after you die. If you have a blended family, it is important to draft a comprehensive will that takes into account the unique circumstances of your family. You should also consider drafting a pour-over will, which can help ensure that all of your assets are distributed according to your wishes.
If you are in a blended family, estate planning can be a bit more complicated than if you are in a traditional family. However, with careful planning, you can ensure that your assets are distributed according to your wishes.