Estate Planning for Blended Families

A blended family includes spouses who bring children from previous relationships. Estate planning for blended families involves unique challenges. Many people worry that children from the current marriage may get better treatment than children from earlier marriages. Careful planning helps avoid this problem. J Nichols Law, PLLC guides Texas blended families through complex estate planning options.

Understand What Is at Stake

If you do not have an estate plan, Texas intestate succession laws will govern asset distribution. These laws can distribute your assets in unexpected ways. For instance, half of your community property—assets gained during your current marriage—goes to your children, including those from previous marriages, rather than your surviving spouse. This situation can cause significant financial hardship for your spouse. Additionally, an outdated estate plan, especially one made before remarriage, can lead to unwanted outcomes.

Update Your Beneficiaries

This may seem obvious, but many people forget about their life insurance policies, retirement accounts, and other assets with designated beneficiaries. When engaging in estate planning, a good first step for blended families is to review these assets and ensure the named beneficiaries reflect your current preferences.

Pre- and Post-Nuptial Agreements

Pre- and post-nuptial agreements are typically considered in the context of a divorce, but they can also be a useful estate planning tool. They can be used to clarify which assets will be considered part of the marital estate and which assets will not. This can be helpful for determining which assets will go to the children of a prior marriage versus which assets will go to the children of the current spouse.

Trust Creation

Trusts are a popular estate planning tool primarily because of their flexibility. A trust can allow you to identify specific assets and who will inherit them. If you do this by means of a revocable living trust, you can retain control over these assets during your lifetime. An experienced estate planning attorney can draft a trust tailored to your family’s unique dynamics.

Guardianship Considerations

Plan who will care for your children after your death. In blended families, your surviving spouse might not be the right person to raise children from a previous marriage. Choose a guardian in advance to prevent conflict and avoid future problems.

Contact J Nichols Law, PLLC to Discuss Your Family’s Estate Planning Needs

Every family is unique, especially blended families. Your family deserves better than a one-size-fits-all estate plan – contact J Nichols Law, PLLC by calling 409-257-7878 to discuss how we can help protect your family’s future.