Merging families, divorce, and remarriage are all becoming more commonplace
in today’s society. While people should be allowed a second chance
at happiness, the blended family scenario may cause issues regarding your
estate. Typically, married couples consider the estate planning process,
especially considering one party will outlive the other. One valid concern
is a spouse may opt to leave the bulk of his or her estate to a new spouse,
rather than their kids. This is a common concern, as men typically leave
their assets to the spouse, while women leave assets to their children.
This is why a
trust is so vital. Creating a trust will allow the deceased spouse to maintain
control over and ultimately safeguard the assets for the kids’ benefit
rather than an elusive future spouse. The opposite may hold true as well.
Let’s assume a man does remarry and his grown children are absolutely
fine, while his new spouse is older, retired, less able to ‘fend
for herself’ without the assistance of her husband. In Texas, if
the husband dies and does not have an estate plan or trust in place, his
share of community assets and 2/3 of his separate property are automatically
left to his children. The new spouse will end up owning property with
In blended families and remarriage, inheritance came become an issue; this
is why careful estate planning is absolutely essential. One of the most
tragic stories is of a 70-year-old father who was suffering from the loss
of his wife and thus turned to internet dating for hope of a new relationship.
Over time, he sent her over $10,000. His children noticed something was
wrong with their father’s mental condition, and attempted to have
him deemed incapacitated but their petition was rejected by the court.
Upon his death, the children found their father had transferred everything
to this young woman, who was revealed to not be who she said she was.
The pictures used were of a famous porn star, and all could have been
prevented with a carefully drafted trust.
Contact Our McKinney Family Law Attorneys Today
Working with a trusted McKinney
estate planning attorney to draft a will is absolutely necessary to ensure everything
is protected. You should, without question, investigate the possibilities
and benefits that come with creating a living trust. Our legal team at
Willingham Law Firm, PC has the experience, skill, and knowledge necessary
to properly guide you through the estate planning process with ease.
Contact us by calling (214) 499-9647.