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Estate planning beneficiary designations for blended families

Blended families have become the new norm as the baby boomer generation leads the nation with record high numbers of divorce and remarriage. The modern family dynamic often includes remarried parents, creating a blended family with their children and step children. When considering estate planning options, the question of who will inherit is significant and requires a thoughtful answer.

Is there debt after death?

Often, people die with a variety of financial obligations that need to be sorted out and addressed to settle their affairs. The executor of the estate normally pays any outstanding bills with a deceased person’s available assets.

3 Reasons To Revise Your Estate Plan

If you already have an estate plan, you may feel that you have all of your financial and legal arrangements in place. This may be true, except when there are changes in your life. Here are three types of life changes that make it necessary to revise your estate plan.

Corrective actions can be taken without the use of a lawsuit

Sometimes, lawsuits go to the courts when companies already know about problems they caused. Reducing or repairing damage caused inadvertently benefits the company and community, so no lawsuit is necessary. When that's the case, the company in question can ask to dismiss any lawsuits against it, since it has already begun to take corrective actions.


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