We assist all types of families with our estate planning services. A blended family is a relationship that is formed with partners who have children from a current relationship and also children from a previous relationship.
Wills for blended families need to be carefully drawn to try to avoid any conflict and should include:
- Different Will structures suit different family structures. The type of Will that is suitable depends upon what assets will flow into the estate and what the Will maker is trying to achieve whilst minimising the risk of any future claims against an estate.
- The careful selection of a proper Executor/Trustee is a very important decision for a will maker in a blended family.
- Titles to the ownership of real property need to be properly investigated as there are major differences in how Estate Planning law deals with property held.
- A proper review of Succession for Discretionary Trust Assets and Company Assets is essential and Trust deeds must be reviewed.
- Superannuation is often one of the largest and most accessible assets that we own as there is often a life insurance component built into industry fund policies. Beneficiary Nominations need to be reviewed to ensure that the funds pass to the intended beneficiary.
- During the review process, all power of attorney documents are reviewed to ensure that the appointed attorney still has the capacity to run your financial affairs and remains diligent in dealing with your financial or health affairs if you were to lose capacity.
We recommend that everyone should regularly review all estate planning documents to ensure that their wills and power of attorney documents still meet their estate planning requirements.
Please do not hesitate to contact one of our Estate planning solicitors if you have any queries about a Will or Powers of Attorney.