Estate planning for blended families

It is always a difficult time in a family’s life when a loved one passes away, but that can be further complicated in blended families if there have not been clear directives when it comes to the estate of the person who has died. 

A blended family is a family unit in which one or both partners have had children with a different partner. Here are some things for you to consider if you are a part of a blended family to ensure that when you pass away, your family understands your wishes and your assets can be divided without the involvement of the court system. 

Ensuring your children receive an inheritance

Whilst your will may initially direct your assets to go straight to your current partner, it is important to make sure that your children receive the assets and inheritance that you want to go to them. This does not necessarily happen when you leave all your assets to your current partner, particularly if they remarry, become estranged from your children, or have additional children of their own. By making a testamentary trust, you can ensure that your children are the beneficiaries of your estate. 

Including former partners

Unless you have a specific legal obligation to include your former partner in your will – for example – as part of your divorce settlement, you do not have to include them. Generally, wills focus on making provisions for the deceased’s children and their current partner. 

Contesting a will

If your parent or partner has passed away and you feel that you have been unfairly treated in their will or wish to contest it, you can seek to resolve this through formal mediation with other family members in order to reach a settlement, or you can file a family provision claim. This is a way to challenge a will in order to seek a larger portion of the estate. 

To make sure your family are provided for when you pass away, or to find out more about contesting a family member’s will, book an initial consultation with Lane Legal today. Call +61 2 9477 1500 or email jlane@lanelegal.com.au