Blended families and Mutual Will Agreements
There is no “one-fit” solution when it comes to estate planning for the blended family. The dynamics and needs within families evolve and personal assets fluctuate. At Kells, we can help identify the potential issues and provide a solution for your estate planning needs.
Blended families require particular care in estate planning. It is often a balancing act of providing for the new spouse and at the same time ensuring children from prior relationships are taken care of.
Common questions asked are:
- How can we make our estate planning fair?
- What happens to my spouse? I’m contributing more than my partner to the marriage.
- How do I prevent a claim on my estate?
There are many ways in which you can structure your estate plan to ensure your intended beneficiaries receive your assets after your death and limit causing disharmony in the family.
What is a Mutual Will?
A Mutual Will agreement is a contractual arrangement signed at the same time as signing your Wills to document that both parties:
- Have Wills prepared on terms that are agreeable to both parties
- Are prohibited from revoking or amending their Wills without the consent and approval of the other.
When one party passes away, the surviving party is obliged to maintain their Will. This helps ensure that certain beneficiaries (such as step-children) are not removed from the Will at a later date.
Mutual Wills are one of the tools available in estate planning for blended families, however, they do have limitations which need to be discussed with your lawyer who is experienced in this area.
For the right professional advice, contact our experienced estate planning lawyers for a consultation.
REQUEST A CALL BACK
Need help with a legal issue?
Send us your details and one of our team members will be in touch.