When two Georgia families join together through marriage, it can be a legally and financially complex process. It’s not easy to join two lives together, and simply changing names and having accounts adjusted is not enough. Blended families will find it beneficial to take certain estate planning steps as well, including making sure wills are updated and trusts are drafted.
In a blended family, existing wills should be updated. This may mean adding new beneficiaries or removing a former spouse’s name from the documents. In some cases, a person who did not have a will may want to move forward with this process. While the future is unpredictable, a person can use a will to maintain a measure of control over his or her assets and property.
Some Georgia families may benefit from establishing a trust. This can set aside and protect assets for a specific use. There are various different types of trusts available, and the right choice depends on the details of the individual situation and a person’s goals for his or her estate. When taking this step, a person will want to think carefully about choosing the right person to act as the trustee. This individual will oversee the administration of the trust assets.
Estate planning can be a complex process, especially for blended families. From complex wills to drafting a trust, it is always smart to have protections in place for the future. A person who is considering his or her estate planning needs may benefit from an assessment of his or her case.
