What is a blended family?

Blended families have become increasingly common in today’s society.  It is estimated that one in three families in England and Wales live in a blended family which means one or both parties have children from a previous relationship.  They may also go on to have children together.

Understanding the challenges

Blended families face unique estate planning challenges such as the dilemma of providing for their partner or spouse but ensuring their own biological children inherit their estate.

Navigating your Will

It is important to seek professional guidance from a reputable law firm to ensure a professionally drafted Will is drawn up outlining your wishes regarding the distribution of your estate.

  • The dangers of mirror Wills

Many couples make simple “mirror Wills” leaving everything to each other when the first passes away and then to the children of both parties on the survivor’s death.   This leaves a lot to trust and there is a risk the survivor could change their Will and leave the entire estate to their own children and the children of the first to pass away receiving nothing.

  • The advantage of Will Trusts

Will Trusts are often seen as a solution for blended families with the most common being what is known as a Life Interest Trust.   This enables a person to benefit from an asset or income from an estate during their lifetime with the trust property then passing to another beneficiary (such as their own children) when the trust comes to an end.

Without professional advice, blended families can face the risk of costly legal disputes and the breakdown of family relationships.  A professionally drafted Will can help reduce the risk and ensure the right balance is achieved.

Regular review of you Will

We recommend regular reviews of Wills to reflect any changes in your family circumstances.  Life events such as births, deaths, divorces or significant financial changes may necessitate adjustments to Wills.

If you would like to discuss your options further, please get in touch with our experienced Private Client team at Ellisons, who are always happy to help.