Blended families without a proper estate plan for wealth transfer could run into additional obstacles not observed by traditional families.
For example, state inheritance rules, intestate laws, and conflicts in beneficiary designations could be inconsistent with the will. In addition, a disinheritance of new family members without the knowledge of the entire family can cause emotional friction between the surviving family members.
There have been some laws enacted that have changed how beneficiary designations are handled, so make sure your estate plan is in sync. Do this because those beneficiary designations generally supersede what is directed in your will.
You can learn more in The (Lakeland FL) Ledger article titled “Tips for Successful Wealth Transfer to Your Survivors.” The article says having a trust as a beneficiary of an account is a good way to control wealth transfer. It allows the assets to flow through a trustee rather than an account custodian. The discretionary distribution of assets is a method of controlling "from the grave" how your money is to be given to certain family members who might have issues dealing with their finances. It’s what’s known as a "spendthrift provision."
Protect your wealth and the relationship with your heirs by carefully creating an estate plan and discussing that plan with your family.
Reference: The (Lakeland FL) Ledger (February 4, 2015) “Tips for Successful Wealth Transfer to Your Survivors”