Blended family and Estate Planning
If you enter into a new relationship and either you or your partner have children from a
previous relationship, estate planning becomes more complex as you need to ensure adequate
provision is made in your Will for both your spouse and your children.
Your Estate is made up of assets you hold in your sole name at the date of your death. It
generally excludes superannuation, life insurance and jointly held assets such as joint bank
accounts, jointly held shares and real property held as “joint tenants”. The surviving joint
owner of any assets jointly held has a “right of survivorship” in that they own that asset
outright on your death.
However, there are limited circumstances where assets in the form of superannuation, life
insurance and other assets which were jointly held at the date of your death are brought into
your Estate so that provision can be made to an eligible beneficiary.
We offer detailed advice and solutions as to how you and your spouse can draft your Wills
and plan your Estate to adequately provide for each other and protect the interests of the
children, whether you hold some or all of your assets in your sole name or jointly with your
spouse.
