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Yours, Mine and Ours – Effective Estate Planning for Blended Families
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Key Insights
A simple will may not control the assets that matter most. In blended family estate planning, the first question is often not “who is named in the will?” but “what assets actually form part of the estate?” Jointly owned property, superannuation, family trusts and company interests may not pass under the will in the way a person expects. Asset ownership and control need to be mapped before the estate plan is finalised.
Stepchildren and competing family expectations need to be addressed directly. Blended family disputes often arise because different people have different expectations about what is fair. A surviving spouse may need financial security, while children from an earlier relationship may be concerned that family wealth will be redirected away from them. Stepchildren may also have rights to challenge in some circumstances. Ignoring those tensions rarely makes them disappear.
Trusts, superannuation and powers of attorney can undermine the plan if they are not aligned. A well-drafted will is only one part of the estate plan. Family trust deeds, trustee control, binding death benefit nominations, SMSF rules and powers of attorney can all affect who controls wealth and how decisions are made. In blended families, those documents should be reviewed together so one part of the plan does not undo another.
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.
This podcast in no way constitutes legal advice. It is general in nature and is the opinion of the author only. You should seek legal advice tailored to your individual circumstances before acting on anything related to this podcast.
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