Blended families are increasingly common in New York. They can result in considerations to take into account during the estate planning process. It is important for people to update existing plans and designated beneficiaries to make certain that their children will be taken care of if they pass away.
One thing that people sometimes forget to do is to update the beneficiaries on their retirement accounts and life insurance policies. This is important for people to do because beneficiary designations on these accounts and policies will trump whatever is stated in wills. That makes it important for them to be updated to reflect the blended family.
