A blended family is defined as a unit in which one or both partners have had previous spouses or de facto partners. The previous relationships may come with obligations that extend beyond the end of the relationship such as children, financial support and property ownership. With this in mind, estate planning for blended families comes with its own set of challenges that must be carefully considered by wills lawyers in Cairns. In this blog, WGC Lawyers discusses the most important factors to consider when estate planning for a blended family.
Providing For a New Partner
Planning for a new partner is the first step because it must account for their present and future needs. In this case, the questions to ask are:
- Does the partner have their own residence or will they need accommodation?
- Are they financially dependent or are they currently supporting themselves?
- Do they have the capacity to earn for themselves?
Preserving Inheritance For Children
With blended families, it is imperative to put mechanisms in place that protect your child’s inheritance. Leaving everything to a new partner can be risky as children can be excluded from future wills. A seasoned wills lawyer in Cairns can help you structure your estate so that your children receive their inheritance or that it is protected until appropriate.
Family Provision Applications
As experienced wills lawyers in Cairns, we know that most Will dispute applications come from blended families. Individuals who are unsatisfied with a Will can apply to the Supreme Court for inheritance or additional inheritance from an estate. This can create a great deal of internal conflict and acrimony within a blended family. However, with the right estate planning in Cairns, an estate can be divided in such a way that the chances of a complicated family provision application are reduced.
Joint Assets
Who currently owns the assets that are to be included in the Will? Many people are unaware that joint assets automatically pass to the co-owner, whether it’s a joint account, property or joint tenancy. Regardless of what your Will states, joint assets cannot be divided without the consent of the surviving joint owner. If you are looking for information on how to structure and divide assets in your Will, contact WGC Lawyers today.
Will Dispute and Estate Planning Lawyers in Cairns
If you need help from a legal professional to draft a clear, comprehensive and secure Will, contact the estate planning team at WGC Lawyers today.