Blended families present a unique set of succession law issues that if not done properly, can lead to expensive litigation and heartache. If you are a blended family our estate planning team can ensure your estate is set up to protect all involved.
What is a blended family?
Typically, in a blended family, one or both spouses have children from a previous relationship. In this situation, the parents want to ensure that their children from a previous relationship receive an adequate share of their estate.
Therefore, a simple will may not be appropriate and alternative estate planning strategies may be used.
A common issue with a blended family is that if one spouse dies, and their simple will provides that their estate is to pass to the surviving spouse, then on the death of the surviving spouse the estate is distributed evenly between the children.
But the surviving spouse changes their will after their spouse dies to exclude the deceased spouse’s children from the will and only naming their children as beneficiaries of the new will. This circumstance also applies to control of trusts and self-managed super funds, but with the right planning in place the above scenario can be avoided.