Having a blended family can add extra complexities to estate planning. Figuring out a way to distribute your assets fairly is key to avoiding disputes and potential conflict. At WGC Lawyers, our expert estate planning lawyers help blended families in Cairns minimise these risks with tailored guidance when drafting your will. Here, we look at some of the key considerations to ensure a fair outcome.
Drafting a Will for Blended Families
When drafting a will for a blended family, you may need to consider a range of different relationships including:
- Stepchildren
- Children from previous relationships or marriages
- Former spouses or partners
- Shared children from the current relationship
With additional loved ones in the picture, estate planning gets more complicated. adds layers of complexity to estate planning. With extensive experience with estate planning in Cairns, our team can help you ensure all family members are fairly considered and treated while adhering to your wishes.
Updating Your Will
When you enter a new relationship or marriage or become responsible for new dependents (i.e. stepchildren), ensure you update your will. This ensures your estate is distributed in a manner that reflects your current relationships and circumstances.
Testamentary Trusts
Creating a testamentary trust that comes into effect upon your death can give you better control over how your assets are distributed. You can provide for your current spouse during their lifetime, for example, while ensuring children from a previous relationship eventually inherit your assets.
Guardianship of Minor Children
Ensure you appoint a guardian in your will for any dependents you are responsible for, such as young children from a previous relationship. This ensures they will be cared for by someone you trust.
Clear Communication
Discuss any plans or wishes you have with your estate early with your spouse, children and stepchildren. These difficult but important conversations help manage expectations, create transparency and reduce the risk of disputes.
Consider Potential Claims
Family provision claims are a big concern for blended families. Current and former spouses as well as children and stepchildren are all eligible to make potential claims against an estate if they feel they have not been adequately provided for. Mitigate this risk by considering all potential claimants when distributing assets and provide detailed explanations for your decisions.
Get in Touch for Assistance With Estate Planning in Cairns
For more help with estate planning for your blended family in Cairns, reach out to the experienced team at WGC Lawyers. Call today on 07 4046 1111 or contact us online.