I want to tell you about a family from Lake Charles that I was working with. The husband and wife have been married for a number of years, she had two children, he had one child, and his child had two children. They were real specific about how they wanted things to go after both the husband and wife passed away. They have some property that they wanted to go to one of the husband’s grandchildren. They also had funds that they wanted to have divided up 5 ways with one part for each of her two children, one part for his child and one part for each of his two grandchildren. Of course, they wanted things to be protected after one of them died, so that there would be assurance that all those people would get the right things at the right time after the surviving spouse died.
We got all of that set up and they are tickled to death that the property is going the right way, the money is going to be shared, and all of the probates will be avoided. You know, when married couples have things in their name, there is a probate or a succession when they pass away (some people call it probate and some people call it succession). It’s that court procedure that the family goes through when the first spouse dies and then the family does it all over again when the surviving spouse dies. If things are structured and titled often times in a revocable living trust than those probates are avoided and it makes it simpler and quicker for the family to inherit 100% of what the parents own.
So, if you have a blended family situation like that and you want to make sure that the spouses protect themselves, they protect each other, but also protect the respective children of the different marriages, that's a really important issue to address. I see a lot of mistakes made and you want to make sure that you work with the right people and get it done right the first time. You need to avoid lots of those family disasters. If you would like to have a talk about it, give me a call.