Estate Planning Blended Families Australia

Barnes richard e.

Estate planning blended families australia.

Her funeral is all planned but when it comes to wills she and her second husband david 56 have writer s block. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. Even with advice estate planning for blended families can hardly be called straightforward. These are a few common scenarios.

When it comes to estate planning for a blended family the concept of yours mine and ours can complicate the process to the point that family dynamics become permanently strained. Premarital and marital agreements. Estate planning for blended family wills can be a difficult task for clients entering their second or third marriage particularly when both parties bring children from a prior marriage. As a funeral celebrant robyn o connell 61 is constantly reminded that death can come at any time.

In estate planning for blended families. For estate planners dealing with the control of a trust in the event of death is compounded by issues faced by blended families with competing interests. Unfortunately if proper planning is not undertaken what often occurs in the blended family context is that one branch of the family receives the entire estate and the other branch of the family receives nothing. What many australians do not understand is that assets held in trust cannot be dealt with by a will and do not form part of a deceased estate.

Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. Barnes richard e. Identifying your goals and concerns in estate planning for blended families. Estate planning for blended families is a form of asset protection.

Balancing your planning for spouses children and stepchildren in estate planning for blended families. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Assume two spouses are in a second marriage and each have children from a prior marriage.