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 the step-children.
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.