In this article, we’ll focus on one of the types of families that’s common in our modern culture: the blended family.
The Unique Dynamics At Play in Blended Families
A “blended family” comes into being when parents divorce and at least one remarries. While everyone may get along effortlessly while the parent is alive, that too often doesn’t happen once the parent dies. Why? Because the law still hasn’t caught up to our modern definition of “family.” The law often favors the spouse, which works well when the spouse and the deceased have children together. But when the deceased parent has children from another marriage, the children can – indeed, often are – cut out of their inheritance.
Other than the law being slow to catch up, there are a few more reasons why this happens:
● The parent trusts the new spouse completely and can’t comprehend the spouse ever doing anything to harm the children;
● The new spouse may place his or her own interest ahead of the children – or have children from a first marriage and want them to benefit instead; or
● The parent hasn’t been educated about what could happen when he or she dies, and hasn’t consulted with a competent attorney to get educated.
How to Ensure Your Children Are Spared From the Potential Consequences
1. Don’t Be Afraid of the Inevitable: Benjamin Franklin is quoted as saying, “Nothing is certain but death and taxes,” and he was half right (you can avoid taxes with careful estate planning but that’s a topic for another article). Death is certain. Yet we’re all uncomfortable talking about death, much less planning for it. Accept death as a reality then make plans while you can.
2. Hold a Family Meeting: Having a heart-to-heart about your wishes, values, and goals can go a long way in preventing misunderstandings after you pass away.
3. Educate Yourself: The single most important thing you can do is educate yourself and educate yourself now. Don’t rely on the internet. Laws are different from state to state, families are different, assets are handled in different ways, and the internet won’t take all this into account.
4. Work With a Lawyer Who Understands Your Family Dynamics: One size doesn’t fit all when it comes to planning for life and death matters like these! What works for one family might not work for yours. You need a tailored plan to fit your unique needs. You deserve, and your family deserves, to have a plan that works when your family needs it. That’s why you need a trusted, heart-centered attorney who will appreciate your unique situation and educate you so you’re empowered to put the right plan in place. Your family’s future literally depends on it.
Your loved ones don’t have to face tragic circumstances when you pass. With honest conversations, proper education, and guidance from a trusted attorney, you can put together a plan that keeps the peace and makes sure your loved ones are taken care of just the way you want.
To learn more about how we approach estate planning from the heart and yet with all the strategies you need to keep your assets in the family, schedule a complimentary 15-minute call with our office.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com