This year, couples and families have faced more financial concerns than ever. The financial issues of stepfamilies are similar to those of other families, yet the emotions associated can be far more challenging. In a new family, the trials of new relationships are already significant, and finances can make issues even more intense. 
 
One area recently highlighted is how to manage the financial needs of the new family when the other family exists, particularly with regard to estate planning. A recent article in The New York Times discussed that such planning involves both understanding the psychology around money and resolving practical matters.
 
When it comes to your stepfamily and estate planning, you should keep the following things in mind:

* Openly communicate with each other about financial expectations when planning your estate to take into account the expectations of each family member. In stepfamilies, children from prior marriages can feel threatened by the stepchildren from new marriages when estate planning is being created or updated.

* Follow up these conversations with documentation. Each state has different laws on how monies are divided with or without a will, and it's a good idea to have all of your plans in writing to minimize confusion.

* Plan family meetings and counseling. These can be integral to making sure everybody is on the same page and that conflict doesn't arise.