Modern Australian Magazine
Men's Weekly

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Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and ...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally an...

Choosing the Right Timber for External Cladding

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Top Services Offered by Diesel Mechanics in Brisbane

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Top 5 Benefits of Hiring Professional House Removalists

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Navigating the Digital Landscape: Managed IT Solutions and IT Services in Townsville

As technology advances at an unprecedented pace, companies must adapt to embrace the transformation ahead. With an evolving technology landscape, mana...

Types of Catering You Should Consider for Your Next Event

Choosing the right type of catering service can elevate your event from ordinary to unforgettable. Whether it’s an elegant wedding, corporate func...

Understanding the Benefits of Split System Installation for Your Home

Climate control is essential to maintaining comfort in your home, especially during the extreme temperatures that many regions face. Whether you’r...

Best Aluminium Window Sliding Designs for Natural Light and Airflow

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Maximising Operational Efficiency: Electric Winch Hire Australia and Hydraulic Power Pack Hire Solutions

Image by jcomp on Freepik From urban construction sites and remote mining operations to coastal maritime facilities, specialised equipment solutio...

Navigating the System: Your Guide to Support Finding Work with a Disability Around Melbourne

Image by freepik Finding the right job can be a challenge for anyone, but it can feel particularly daunting when you're also navigating life with a ...

Say Goodbye to Draughts and Hello to Savings: Your Guide to Perth Window Replacement

Image by prostooleh on Freepik Are your windows looking worse for wear? Are you paying a hefty power bill due to sneaky draughts and poor insulation...

Estate Planning for Blended Families: 6 Tips on Getting It Right

  • Written by Chloe Taylor


Blending two families is a tricky act, especially when you consider all the emotional aspects as well as physical aspects (where everyone will live). And if you add the finances to this duo, you can end up with a pretty complicated trifecta of challenges. One of the biggest challenges of blended families is estate planning, since it can create mistrust among family members if you don’t handle it properly.

Financial advisers recommend you get into advanced wealth planning with clear goals if you want everything to go smoothly. Here are some tips for estate planning to retain family wellbeing and happiness.

Settle on names

Start your estate planning with a list of names you want to include in your documents. This list should include people who are to serve as agents during your incapacity or death and people who you are to receive your assets and possessions after your death.

Update your documentation

When it comes to inheritance, the name means everything. No matter what is written in your will, if you IRA account contains a name, they get the account, period. So, updating your documentation is very important since you want it to reflect your new family status. Consider changing the beneficiary on your RRSPs, insurance and workplace pension. Not updating these is one of the biggest mistakes you can make after you enter a new relationship.

Creating a simple will is not enough

If you just have a simple will, this creates an opportunity that your biological children get left out of your spouse’s estate plan in the future. Creating a so-called “I love you“ will and leaving everything to your spouse is risky. What if they decide to cut out your kids and leave everything to their kids or grandkids? They don’t have any obligation towards your children.

Consider creating a trust

One of the best ways to protect your assets is to create a trust. Since married people often leave everything to each other, if you pass away first, everything you own goes to your spouse. The issue with this is that your new partner might decide not to leave anything to your kids (like stated above). It’s best for remarried couples to use trust structures to distribute assets. For instance, you can consult with you’re your local wills and estate lawyers and ask them to help you set up a trust. They can advise you on the right path, but many professionals often recommend naming yourself as the trustee during your lifetime. Once you pass, your spouse receives income from the assets and the capital goes to the children after the spouse’s passing.

Decide who will make healthcare decisions

You always need to have a discussion about incapacitation and who would be in charge of your affairs when you become incapacitated. Most states allow you to name only one person to make healthcare decisions for you, so who will it be? This question can cause a lot of conflicts, so you might want to create a living will or healthcare directive (consult with your estate planning lawyer).

Consider life insurance

Life insurance is a great and simple way to ensure that your current partner will get your home and other assets while making sure all your kids receive something after your death. When it comes to life insurance, you can name your kids as beneficiaries which allows them to receive money right after you die (this process is more complicated if kids are minors, so consult with professionals). Other assets can be left to the spouse without the need of a trust because you will take care of the kids separately.

What if you don’t do any of this?

If you decide not to make any estate plans, your money, assets and properties will be divided according to your will and according to your state’s laws of intestacy. This means you don’t have any say over how your property is handled and who gets what. It also makes it more likely that your stepchildren won’t get anything no matter how important they were in your life.

If you live in a real-life “Modern Family”, then you have to consider creating a good estate plan for blended families which will provide everyone in your life that you love with something upon your passing. With minimal conflict and stress, you will get to live your life in peace knowing everything is handled.

Holidays & Travel

Why Personalised Ornaments Make the Perfect Christmas Gift

In a season brimming with sentiment and tradition, gift-giving is one of the most cherished ways to show we care. And while store-bought items can be thoughtful, there’s something especially...

Slowing Down in Nature: My Experience on Orchid Classic Cruise in Lan Ha Bay

Why Orchid Classic is a Top Choice for Lan Ha Bay Lan Ha Bay, a hidden gem adjacent to the more famous Ha Long Bay, offers travelers a quieter and more...

How to Reduce Turbo Lag with an Upgraded Mazda BT-50 Exhaust System

Are you struggling with turbo lag affecting your driving experience?  Did you know upgrading your Mazda BT-50 exhaust system could be the key to unlocking smoother acceleration and enhanced vehicle performance? Exhaust...

Surprise Party Ideas That Will Leave Your Guests Speechless

Throwing a surprise party is one of the most exciting ways to celebrate a special occasion. The thrill of keeping it a secret combined with the joy of watching the...

The Most Scenic Sailing Destinations in Australia and New Zealand

Australia and New Zealand are home to some of the world’s most breathtaking sailing destinations. With vast coastlines, pristine waters, and diverse landscapes, these countries offer incredible opportunities for sailors...

A Guide to Finding Caravans for Sale for Your Australian Road Trip

From the rugged Outback to stunning coastal drives, there's no better way to explore Australia than in a home on wheels. If you're considering joining the caravan community, you're likely...

Must-Have Outdoor Gear for Your Next Trip

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5 Innovative Caravan Accessories to Enhance Your Travel Experience

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Conventional Tent or Roof Top Tent? Which Is Better for Camping in Australia?

For camping in Australia, it depends on factors like terrain and climate. A roof top tent is sturdy in rugged areas and elevates you above ground risks. In flat places like parks...

Fashion & Beauty

The Best Nail Art for Short Nails

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Biz Collection Workwear: Premium Uniforms for Australian Professionals

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Functional and Fashionable: The Rise of Ladies Workwear in Australia

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