Estate Planning for Blended Families: Why It Matters and How You Can Do It

Legal Adviser February 21, 2017
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Blended Families in Queensland

Blended families are as fun as they come. They are a combination of unique personalities that will keep you on your toes. As such, they may be a handful, so proper family management and a balanced outlook is necessary to keep the peace.

If you come from a blended family, you and your spouse have to take a comprehensive look at the details of Queensland wills and estate planning as early as possible. Doing so could prevent unequal estate shares and contested wills if you suddenly pass away.

Blended Families Come in Different Shapes and Sizes

You and your spouse may both have children from a previous relationship and then have a child together. These children may be of similar ages or could have a wide age gap. Either way, there is no standard formula for blended families — and that’s what makes it so interesting.

Admittedly, it could take time adjusting to each other’s quirks and lifestyles. The family might walk on eggshells around each other at first but, as your lives integrate, the different personalities and perspectives will add colour to your life. To keep everyone happy in the long run, however, you and your spouse need to focus on equality among the children.

With that said, a fair and equal estate plan is one way of showing impartiality.

Good Estate Planning Keeps the Family Happy

Estate planning is the proper management and fair distribution of assets. It is especially important for blended families because it lets you know where your money and property will go once you have passed away. Moreover, it is a way of securing the stability of your children and grandchildren when you are gone. How do you address the basics, though?

First, consider what makes up the estate, who you will delegate it to and how much one will receive. Second, review your trust arrangements. A family trust, although not part of estate assets, is a distributable factor. Finally, include other assets, such as joint name assets and business assets, to prevent the family from arguing over who gets what in the future.

Wealth management through comprehensive estate planning is a way to keep your blended family comfortable and, more importantly, at peace with one another once you have passed on. It keeps your loved ones from contesting wills and arguing over unequal shares, after all. So, have a friendly chat with a local firm as soon as you can.

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