Parents in Texas blended families often have one overriding concern: protecting their children.
They want to know where their children will live if something happens to them. They want to know who will manage their children’s inheritance. And perhaps most importantly, they want to make sure their hard-earned assets are used for their children’s benefit.
Unfortunately, many parents are surprised to learn that Texas law may produce a very different result than they expected. Texas law can put your ex-spouse in charge of your children’s inheritance.
Who Gets Custody If You Die?
Many Texas parents assume they can decide in a will who should raise their children if they pass away.
While a Texas will can express your wishes, it generally cannot override the rights of a surviving biological parent under Texas law.
In a blended family, a child may spend most of their time with you and your current spouse. However, if you die, the child’s other biological parent generally retains parental rights and will often have priority to assume custody.
This can be a difficult reality for many Texas blended families, particularly when the surviving biological parent has not been heavily involved in the child’s day-to-day life.
The Financial Problem
The custody issue is only part of the story.
For many Texas parents, the bigger concern is what happens to the money they leave behind.
Suppose a Texas parent dies and leaves assets to minor children. Without proper Texas estate planning, those assets may ultimately be controlled by the child’s surviving parent.
For many families, this is the last person they would choose to manage their children’s inheritance.
Yet under Texas law, that may be exactly what happens.
A Better Solution
The good news is that proper Texas estate planning can provide alternatives.
A properly drafted Texas trust allows parents to choose who will manage assets for their children rather than relying on Texas default rules.
Instead of an ex-spouse controlling the inheritance, a parent can appoint a trusted family member, friend, professional trustee, or another individual to manage the assets for the child’s benefit.
The trustee can use the funds for education, healthcare, living expenses, and other needs while following the instructions established by the parent.
Planning Provides Control
One of the greatest benefits of Texas estate planning is the ability to make these decisions yourself.
Without planning, Texas law makes many of these choices for you.
With a properly drafted Texas estate plan, you decide who manages your children’s inheritance, how the funds may be used, and when your children receive access to those assets.
For Texas blended families, that peace of mind can be invaluable.
Final Thoughts
Many Texas blended families assume that if assets are left to their children, those assets will automatically be managed in the way they intended.
Unfortunately, Texas law does not always produce that result. Texas law can put your ex-spouse in charge of your children’s inheritance.
The good news is that a properly drafted Texas estate plan can help ensure that your children’s inheritance is managed by the people you trust rather than by default rules established under Texas law.
Because when it comes to protecting your children, doing nothing is still a decision. If you would like to learn more about children and blended families, please watch the short video below, or visit one of our previous blended family videos.
Cover image by Kampus Production
