Estate Planning Blended Families Australia

In these situations the objectives of planning an estate include providing for the surviving spouse in the second marriage providing for children of the second marriage and ensuring that assets flow to children of the first marriage.

Estate planning blended families australia.

I wonder what their estate planning looked like. Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. Estate planning for blended families second marriage and step children require special planning to ensure your spouse and your children are protected. Estate planning for blended families is a form of asset protection.

Her funeral is all planned but when it comes to wills she and her second husband david 56 have writer s block. In estate planning for blended families. 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. Assume two spouses are in a second marriage and each have children from a prior marriage.

These agreements should address. 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. Identifying your goals and concerns in estate planning for blended families. 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. Barnes richard e. As a funeral celebrant robyn o connell 61 is constantly reminded that death can come at any time. Balancing your planning for spouses children and stepchildren in estate planning for blended families.

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. Barnes richard e. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family.