- 22 Jul 2024
- •
- 2 min read
Making a Will in a blended family
Making a Will is a crucial step in estate planning, and for the parents in a blended family, this process is often far from straightforward. While previously there might have been just one family to consider, there are now two or potentially even more. For many, they will want to make provisions for a new partner, whilst also ensuring assets pass down to their own children or other members of the family.
At Trethowans, we understand these intricacies and are here to offer expert guidance on your obligations and options. Our aim is to help you navigate the complexities of estate planning in a blended family, ensuring that your wishes are clearly articulated.
Key considerations for blended family wills
- Balancing provisions for a new partner and your own children
It’s natural to want to make provisions for a new partner while also ensuring that assets are passed down to your own children or other family members. Achieving this balance requires careful planning and a thorough understanding of the available legal routes.
- Utilisation of trusts
In many cases, a Trust arrangement can provide a solution, enabling the Will maker to retain sufficient control over their assets. Trusts can ensure that both a new partner and one’s own children are provided for, according to the Will maker’s wishes. At Trethowans, we can advise you on the different types of Trusts that may be suitable for your situation. However, it is important to note that Trusts are not suitable for everyone. We will discuss with you the various alternatives, including potential issues that may arise from any desired division of assets.
- Inheritance Tax considerations
Inheritance Tax (IHT) is another critical factor to consider, as the tax implications can become more complicated in a blended family scenario. Understanding how much your estate is liable for, and who effectively pays this tax, requires careful planning. In some instances, where one or both new partners are also widowed and remarried or in a Civil Partnership, there may be greater opportunities for tax savings. Trethowans can provide clear advice on your specific situation and potential options for minimising IHT liability.
The complexities around making a Will in a blended family can be difficult to navigate. To discuss your options please contact us on 01202 673071 to organise an appointment with one of our specialist solicitors.
