Modern Australian Magazine
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A Fast Charging Power Bank and Wireless Power Bank: The Future of Power Bank Technology

As the use of mobile devices grows, so does the demand for better, more efficient, faster, and more imaginative methods to power them. Previously re...

How to Extend the Lifespan of Your Power Bank: An Overview

Power banks are vital for ensuring your devices are powered while on the go, especially when on the move, outdoors, or during emergencies. They prov...

What is a Power Bank and How To Choose One

In a world filled with gadgets running out of battery is a real issue. This is where power banks can come in useful. They're portable, they hold pow...

Portable Chargers: How They Work & Essential Tips to Extend Battery Life

Portable chargers (also known as power banks) are essential accessories that keep your devices powered up while on the go — be it outdoor activiti...

How Artificial Tulip Displays Enhance Your Home’s Aesthetic

Artificial tulip displays have grown to be a common option for improving interior decor because of their exquisite look and long-lasting quality. Th...

The Psychology of Relationships: How Therapy Can Strengthen Bonds

Relationships require effort, understanding and communication. Couples and individuals can have better relationships with the assistance of therap...

Taking It Up a Notch: How 12.5kg Dumbbells Fit Into Progressive Overload Training

Photo by Jason Grant on Unsplash When it comes to getting stronger, more sculpted, and better conditioned, one principle reigns supreme in the worl...

Behind the Bowl: What Makes Premium Dog Food Worth the Price Tag?

Photo by Ayla Verschueren on Unsplash When it comes to feeding our four-legged companions, the pet food aisle can be a maze of options—bags promi...

Davines Sustainable Haircare: Revolutionizing Eco-Friendly Beauty Solutions

Davines is a well-known brand in the world of haircare, known for its high-quality products that deliver exceptional results. Its commitment to sust...

The Role of CDNs in Enhancing Headless CMS Performance and Reliability

A headless CMS provides businesses with the ultimate freedom for content management and output possibilities across any number of channels. However...

Finding the Right Dentist in Perth for Your Dental Implants: A Complete Guide

Missing teeth can significantly impact your quality of life, affecting everything from your ability to eat and speak to your self-confidence. Dental...

Fix These 5 Technical SEO Issues Hurting Your Perth Business Rankings

Perth businesses face unique challenges when competing for visibility in local search results.  While many business owners focus on content creati...

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

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

Caravanning offers a unique and liberating way to explore the world around us. Whether you're a seasoned traveler or embarking on your first adventure, having the right accessories can significantly...

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...

Choosing the Best Boat Seats: A Comprehensive Guide for Water Enthusiasts

Boat seats are not just about providing comfort during your time on the water; they can significantly impact your overall boating experience. Whether you're cruising leisurely, fishing, or engaging in...

Tips for Enjoying Hunter Valley Wine Tours

The Hunter Valley, nestled in New South Wales, Australia, is renowned for its picturesque vineyards and exquisite wines. A wine tour through this region promises a delightful experience for enthusiasts...

Melbourne to Sydney Flights: A Comprehensive Travel Guide

Sydney has a unique charm and plenty of free tourist attractions. There are many fun outdoor activities, with several tourist spots, making Sydney a popular destination for many people. For...

Fashion & Beauty

Davines Sustainable Haircare: Revolutionizing Eco-Friendly Beauty Solutions

Davines is a well-known brand in the world of haircare, known for its high-quality products that deliver exceptional results. Its commitment to sustainability and unique haircare philosophy sets Davines apart...

High Visibility Work Shirts: A Must-Have for Workplace Safety

Workplace safety is a necessity. Workers from construction sites to manufacturing units should be visible for their well-being and they have it by wearing high visibility work shirts. Yes, when...

Polo Shirts: Wardrobe Essential for All

Polo shirts have started the journey as sportswear. But now, these are regarded as the best workwear. Also, people love to wear them for personal gatherings and more. These are...

Biz Collection Workwear: Premium Uniforms for Australian Professionals

In this modern era, the presentation of the team matters the most in the growth of companies. The professional appearance attracts clients’ attention and doing the deal becomes easy. The...

Functional and Fashionable: The Rise of Ladies Workwear in Australia

A perfect change in the Australian workforce has been happening in recent days. Women are contributing a lot in the male-dominated workplaces. They are doing excellent there. So, the Australian...

How Sydney Lab Diamonds Are Revolutionizing Engagement Rings?

Are you wondering if Sydney lab diamonds are as good as natural ones? Or are they revolutionizing the engagement rings?—  If so, then you have landed at the right place...