Trusts can simplify complex estates for blended families

By now, Oklahoma readers of this blog should realize that there isn't any one-size-fits-all estate plan. Your assets, your liabilities, the mental capacity of your heirs, the physical capacity of your heirs and your wishes are all considerations that play a part in the way you set up your estate plan. On top of all these, you also have to consider your desires for your end-of-life care.

One life situation that makes estate planning rather complex is when you have been married, divorced and remarried when there are children involved. In these cases, having an estate plan that is clear cut is usually the only way that you can ensure your wishes are followed and that they can be followed quickly.

If your estate is large, setting up trusts for those you will leave behind is one way that you can ensure each person gets what you intended them to get upon your death. Of course, setting up trusts for multiple people can involve some complex maneuvering. You have to ensure that they are properly set up to make things easy for your heirs.

Besides setting up trusts if you have a complex heir situation, you should also put your advance directives in place. This can stop drama from occurring between your children and your current spouse in regards to your medical care if you are unable to make choices on your own.

It is vital that everyone understands what you have done to set up your estate. Not only can this stop your children from fighting, it can also help your current spouse, past spouse and all children involved to keep the peace as much as possible. Discussing your advanced directives for your end-of-life care can also help to give everyone involved peace of mind.

Source:  Farm Futures, "Your Most Important Estate Planning Questions - Part Two" Rich Dunn, Aug. 08, 2014

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