There is no “one size fits all” solution when it comes to estate planning because the dynamics and needs within families evolve and change over time.
Recently, we met with a client who was concerned about providing for their current partner and their children from a previous relationship. Our client wanted to make sure their children received a benefit whilst also protecting their current partner from any conflict or claim against them.
By listening carefully and understanding our client’s concerns, we were able to provide an estate planning strategy that included structuring the client’s property portfolio and superannuation.
Traditionally, a will states that the deceased’s estate is gifted to the surviving partner in the first instance or, upon the partner’s death, to the deceased’s children. This is generally inappropriate for blended families. Furthermore, if an adequate provision is not provided by an estate, an eligible beneficiary may make a family provision claim that could cause distress, delay and uncertainty.
LET US HELP YOU!
Many people struggle with the competing interests of past and present partners, biological children and step-children. We can help you identify your estate planning aims by discussing your circumstances and objectives.
Of course, the key to ensuring your wishes are outworked is regularly reviewing your estate planning in the event that anything changes.
We have experience in estate planning – call us today or fill out the form below to discuss your Will and your wishes to ensure your family is provided for!