Blended families are becoming more common nowadays in Australia.
What are blended families?
Blended families arise where a couple enters a relationship and one or both of them have children from pre-existing relationships (including marriage and de-facto). Blended family structures can create significant difficulties for the will maker.
Will makers in this instance often want to leave all their assets to each other in the event that one passes away, but they also wish to ensure that their respective children benefit from their estate after the surviving spouse passes away. This is where complex family trees can cause problems if the correct estate planning hasn’t been carried out.
Without specific strategies in place there is a risk that the surviving spouse could change their Will and leave everything in their estate to their own children. One way to manage this risk is to have a Mutual Will.
Mutual wills must be drafted by lawyers with experience in the myriad of complications that can arise when things go wrong. You must consider the significant legal issues and obligations that may arise when the will maker passes on.
You never know when someone may want to challenge the will and begin estate litigation.
What should your next steps be?
Our experienced team will guide you through pros and cons of this aspect of the estate planning to ensure that your wishes are achieved. Our team have over 25 years’ experience in succession law to ensure that your wishes are protected.
Contact our team today to discuss your Wills and Estate Planning needs.