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Blended families are increasingly common, but they can create some of the most difficult estate planning disputes.
When there are children from earlier relationships, a current spouse or partner, jointly owned assets, family trusts, superannuation and competing expectations about inheritance, a simple will may not be enough. The real issue is not only who receives what, but who controls the assets and whether the plan will actually work when challenged.
In this episode of Explain That by Velocity Legal, Andrew Henshaw is joined by Doyle’s Guide-recognised Director Jennifer Maher and Senior Associate Elisha Raucci to discuss estate planning for blended families, including how to protect intentions while balancing the needs of “yours, mine and ours”.
The discussion covers:
- why blended families can be more exposed to estate disputes;
- why asset ownership and control matter when preparing an estate plan;
- when stepchildren may be able to challenge an estate;
- the risks of assuming a simple will is enough;
- life interests and practical alternatives for providing for a surviving spouse;
- why family trust deeds and control mechanisms need to be reviewed;
- superannuation death benefit nominations, including SMSF issues;
- conflict risks where superannuation does not pass through the estate;
- why powers of attorney need to align with the broader estate plan; and
- how defensive estate planning can reduce the risk of future disputes.
A practical discussion for people in blended families, second relationships, stepfamilies and family groups who want to protect their estate planning intentions while reducing the risk of conflict after death.
For advice on blended family estate planning, wills, trusts, superannuation nominations, powers of attorney or estate disputes, contact Velocity Legal’s Wills, Trusts & Estates team.
