Planning for future legal and financial matters can be a struggle for many Texas families, especially blended families who have children from previous marriages and complex financial concerns. In these situations, it will be especially critical to be thoughtful and careful during the estate planning process in order to reduce complications and potential issues that may arise long-term. As there is a greater potential for confusion and disputes in these situations, it is particularly important for individuals in second or subsequent marriages to have an estate plan.
What issues could arise?
In blended families, the two spouses may each have children from previous marriages, and they may have children from their current marriage. Careful estate planning ensures that assets and property go to the right person in the future. Blended families have various needs and goals depending on how long the two spouses have been married and the natural familial relationship that has developed.
Additionally, a spouse will want to consider who he or she wants to be the beneficiary of certain accounts. This may mean changing the designation from a previous spouse to the current spouse. It will also be important to consider stepchildren, grandkids and other family relationships that could impact estate plans.
The right option
The best estate plan for a situation depends on the person’s specific goals, familial relationships and other factors. It is helpful to work with an experienced Texas estate planning attorney to understand how to best move forward. Knowledgeable guidance is especially useful in situations where spouses are creating long-term plans for their blended families.