Jamie Graham & Associates, PLLC

Estate plans and blended families

People usually use an estate plan to designate the distribution of their estate. When life-altering events occur, such as remarriage, it is important to ensure that the estate plan is still encompassing.

Whether estate holders are making new estate plans or updating old ones, it is important that they understand the various elements of the planning documents. There are a few important considerations in an estate plan for a blended family.

Power of attorney

A power of attorney is the person designated to make decisions for someone (the principal) when he or she cannot. There are different types of power of attorney, which are differentiated by their level of power and when the power goes into effect. Texas's power of attorney laws govern the various types. It is important to become familiar with these regulations to ensure that the powers of attorney meet the requirements. Otherwise, the court may not allow them to fulfill the position, and the court would control the estate.

Beneficiaries

Along with denoting or revising beneficiaries in an estate plan, new couples should make sure to update other policies, such as retirement plans and life insurance. A beneficiary designation in an estate plan does not carry into all assets. If an asset has a beneficiary designation within the policy, it is important to update it separately. Particularly for parents, it is imperative that they make sure that any new estate plan includes updates to guardianship for minor children. 

Trusts

A trust is a great way to ensure a certain portion of assets go to a specific designation. This may be especially interesting for parents. As people marry, some of their assets become marital property. Putting a trust in place will help to protect assets meant for the children.

These are a few key elements to consider for an estate plan in a blended family. Those with complex or large estates may find it very beneficial to consult with an attorney.

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A TOP-RATED LAW FIRM

At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

  1. Top 10 Attorneys | American Jurist Institute | 2017
  2. Avvo Rating | 8.9 | Excellent
  3. Avvo Clients' Choice Award 2015 | Jamie Lynn Heggy Graham
  4. Reviews | Out of 12 reviews | Jamie Lynn Heggy Graham | Avvo
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  6. San Antonio | Best S.A. | Lawyers | 2015
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Jamie Graham & Associates, PLLC
310 South St. Mary's Street
Suite 2500
San Antonio, TX 78205

Phone: 210-272-7034
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