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Estate planning can be tricky, as it involves balancing different family interests. Here's a simple guide to help ensure everything goes according to plan.

Manage your financial responsibilities

  1. Update Your Will: Keep your will current to reflect your family situation and wishes, preventing disputes.
  2. Check Beneficiary Designations: Make sure beneficiaries on life insurance and retirement accounts are up to date, as they may override your will.
  3. Use Trusts: Trusts can help manage assets, support your spouse, and protect children's inheritance.

Handle your taxes and estate distribution

  1. Use Various Accounts: Mixing taxable, tax-deferred, and tax-free accounts can reduce taxes and improve cash distribution.
  2. Understand Tax Rules: Different assets have different tax implications; plan accordingly.
  3. Plan for Multiple Goals: Consider survivors’ short-term, education, and retirement needs when planning your estate.

Avoid Family Disputes

  1. Communicate Clearly: Talk openly with family members about your wishes to avoid misunderstandings.
  2. Work with Professionals: Get help from lawyers, tax professionals and financial advisors to ensure a fair plan.
  3. Bypass Probate: Use trusts to speed up asset distribution and maintain privacy, where it makes sense.

Plan a Strategy

  1. Invest Wisely: Choose investments that match your risk level and goals.
  2. Set Realistic Growth Expectations: Use reasonable rates to ensure your plan holds up over time.
  3. Consider Inflation: To preserve your assets' value, account for inflation.

By following these steps and consulting professionals, you can create an estate plan that meets your blended family's needs, ensuring your wishes are honored and conflicts are minimized.


*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
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