Standard formulas that are generally used in Texas by a married couple to divide their assets at death tend to fall away when one or both spouses have a prior marriage and separate children from that relationship. Usually, where a couple has three children, for example, they will leave their estates mutually to each other and then to their children in three equal shares. However, where one or both of them also have children from a prior marriage, each person's last will and testament tends to depart from the standard formula in order to recognize all of their children for sharing.
Prior marriages may complicate each spouse's will provisions
Not having a will can create elevated charges against an estate
It is generally assumed that most people prepare wills during life for the efficient handling of their assets after death. The truth, however, is that over half of all Americans, including many in Texas, do not have wills. The situation of deceased pop star Prince is the most dramatic example recently of how the lack of a will can create havoc and elevated monetary expenses for a decedent's estate.
Estate planning prevents chaos in distributing one's estate
Prince's death without a will appears to have opened a lingering uncomfortable subject in American culture, including here in Texas. The fact is that most adults are unaware of what happens if they die without a will. Experts point out that the state's laws take over in that event and that the ultimate disposition of the decedent's assets may or may not be in accordance with what the decedent would have wanted if an estate planning process had been completed.
Estate planning decisions following a second marriage
For many people in Texas, determining how their estate will be divided is relatively straightforward. However, when a person remarries, there are special estate planning considerations that must be made. An attorney with experience regarding such issues can help ensure that a person's wishes are clearly understood and potentially able to withstand a legal challenge.
