Addressing estate planning goals when family circumstances change

It might not be uncommon for many individuals in Nevada or elsewhere to enter a second or third marriage with children from a previous relationship. Those who face a similar change in life circumstances may wish to know more about how to keep their plans for the future in line with their current preferences. Understanding the topics to address when family circumstances change could provide a person with much needed insight on how to prepare to protect his or her estate planning goals.

According to experts, one of the first steps to take upon entering a new marriage could be to revisit current beneficiary designations and update information as needed. There may be various types of accounts to cover in this step, such as retirement accounts and life insurance policies. It could also be helpful to reassess current plans for asset distribution and set clear terms as to what will happen to one’s possessions upon death.

Experts suggest that it could also be helpful to speak with beneficiaries about one’s estate planning goals. Such a discussion could help reduce the likelihood of future surprises and confusion and limit conflict among loved ones. However, understanding the steps to take to protect the interests of one’s children while updating information to reflect one’s change in life circumstances might not always be such an easy task.

With a variety of topics to address, updating estate planning goals after entering a second or later marriage can be a complex process. Those who encounter a similar change in life could benefit from consulting with an attorney for guidance in making informed choices about the situation. An attorney in Nevada can address a client’s concerns and needs and provide assistance in updating information to help keep the estate plan in line with his or her wishes for the future.

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