Estate Planning Guide For Blended Families: Do’s & Don’ts In Texas

I often have clients who have remarried but neglected to update their Will when they did so—or never created one in the first place. In some cases, your death can make an emotional time even more difficult for your surviving spouse and children.

Blended family estate planning is necessary because inheritance where there is no Will is not the same as for a family where there is only one marriage and the children are all of that marriage. Here are just a few examples of how it differs:

• Under Texas intestate (not having a Will) inheritance laws, children from a prior marriage and the current marriage are entitled to inherit the community one-half interest of real property you owned, and your spouse only retains his or her one-half community interest. Thus, children own an undivided half interest in real property and your spouse owns the other undivided one half. This can lead to lots of issues.
  
  
• Step-children are not automatically protected like biological children. When you pass away without a Will, your estate will be divided among your spouse and biological children, and your step-children will not receive anything unless you have made legal arrangements to ensure they inherit as you intend.
  
  
• In the event that both biological parents of a child pass away, the step-parent may have a difficult time acquiring guardianship of the child, even if they have been an active part of their life.
  
  
• The responsibility to ensure that a child will receive their fair share of an estate falls on the step-parent. In some cases, the step-parent will honor the wishes of their deceased partner. Unfortunately, I have seen situations in which the step-parent does not provide the step-child with the inheritance that their parent would have wanted.

Do’s And Don’ts For Blended Family Estate Plans

Do - Create A New Will Or Trust When You Remarry

The best way to ensure your wishes for your children and step-children are honored is by creating a Will or living trust when you remarry.

Do Not - Use Online Websites Or DIY Templates To Create Your Estate Plan

To protect the interests of all family members, blended families will often require more in-depth legal documentation than a traditional family Will. You will need to consider legal implications, family dynamics, and the wishes of your spouse and children.

Because of the complexities required for blended family estate plans, you should avoid choosing cheap, one-size-fits-all DIY estate plans such as online websites or downloadable templates. Not only do these fail to consider the nuances of your specific situation, but if they are not properly executed, they also often are not considered admissible in court. You risk making a mistake that could result in the Will being disregarded.

Hiring an attorney is always the best option, particularly in the case of blended families. Read this blog for more information about the risks of using DIY estate planning tools. 

Do - Consider A Prenuptial Agreement Before You Marry

If you have not yet married your intended spouse, a prenuptial agreement is an excellent way to protect your children and theirs.

Many people believe that prenuptial agreements are only for the rich and famous. But this is not true. Prenuptial agreements are an excellent option for people of all backgrounds, regardless of income or property value. They can also cover guardianship and other aspects of estate planning that a Will would cover.

A prenup is also a great way to ensure you and your spouse are on the same page about what will happen to your estate or your children in the event of your passing. Sometimes, it is better to address these issues before marriage rather than later.

Do Not - Neglect To Review Your Estate Plan Frequently

It’s tempting to consider a Will or Trust as “one and done.” However, our lives rarely stay the same, and our estate plans should change with them.

Always remember to revisit your estate plan regularly (ideally every 3-5 years). You should also review your Will or trust when you have these life changes:

• Buying a new home
• Receiving an inheritance
• Having a new child
• Acquiring mineral interests
  
  

Ensure Your Loved Ones & Estate Are Protected

Estate planning can be daunting, but when you have a blended family, it’s more important than ever to ensure that your true intent for the disposition of your estate and guardianship of children are put into effect.

If you live in Texas and would like to discuss estate planning for your blended family, reach out to Adair M. Buckner today.

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*(The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)

** This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal, or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.