Estate Planning Blended Families Australia

These are a few common scenarios.

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. 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. 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.

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. Barnes richard e. 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. 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.

Assume two spouses are in a second marriage and each have children from a prior marriage. Depending on a family s situation and needs an estate planning attorney can help select and execute one of the following strategies. As a funeral celebrant robyn o connell 61 is constantly reminded that death can come at any time. Barnes richard e.

I wonder what their estate planning looked like. Estate planning for blended families is a form of asset protection. These agreements should address. Identifying your goals and concerns in estate planning for blended families.

In estate planning for blended families. Even with advice estate planning for blended families can hardly be called straightforward. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family.