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What does estate planning for blended families entail?

We have often discussed how important it is for all adults to have an estate plan set as early as possible. Some people might think that their estate plan would be too difficult because they are a blended family. Our Texas readers might be interested in learning that blended families are some of the families that need an estate plan the most.

Why is estate planning necessary for blended families?

For adults who marry and have stepchildren, making specific estate plans that include those children is necessary. This means that each person should have a say in who gets what and who cares for whom. This might include creating trusts for the children or creating avenues for income for heirs. Just as with any estate, taking taxes into account must play a big part in estate planning for a blended family.

What do I need to think about as part of my estate plan?

You can consider the needs of your children and your stepchildren, as well as other heirs. This can include payments for education and special needs. How businesses will be transferred is a big consideration if you have one or more businesses that will be handed down to the next generation through either your children, your stepchildren or both.

The factors each family needs to consider will vary from one family to another, which makes it imperative that you get advice based on your own situation. Once you have thought about what you need to consider, you can work to ensure your wishes are conveyed in a way that is acceptable under Texas law and that makes it easy for your heirs to follow when the time comes.

Source: Huffington Post, “Yours, Mine and Ours: Planning Stepfamily Finances” Jason Alderman, Jan. 07, 2015