Wills for blended families

Looking after your loved ones includes putting the building blocks of a financially secure future in place and the foundation of this is your last will and testament. Even though wills are key legal documents, they are often neglected because – understandably – no-one enjoys thinking about passing away. However, will drafting is an important task to tick off your to-do list and a cornerstone of estate planning, the process that includes deciding who should benefit from your estate, and how and by who your minor children should be raised, after you pass away.

What are the main considerations when drafting a will with blended families in mind?

1. Children inheriting

Use your will to ensure that all your children, irrespective of whether they are part of your current or previous relationships, inherit equally and fairly. Of course, what is ‘equal’ and ‘fair’ would be entirely up to you. Be sure to discuss it with your spouse or partner, and remember to consider what happens if a biological parent passes away before a step-parent. These discussions can be difficult and uncomfortable, but they are important.

1. Guardians for minor children

If there are minor children in your blended family, you should nominate preferred guardians in your will. This is also something to discuss with your spouse or partner, and although this may be another difficult topic, it is essential for the welfare of your children. Should you pass away without a will (intestate) the courts will appoint a guardian, and if a minor child has another living parent, the other parent will likely have the right to care for the child. 

1. Trusts

Making provision in your will for the creation of a testamentary trust for your children is an excellent way to safeguard their financial future – particularly for minor children who are not yet ready for financial responsibility, or dependents with special needs or disabilities. You can also nominate trustees in your will, and stipulate what age your children should reach before they get direct access to the funds in your estate – this age is not set by law, it is at your discretion.

1. Personal possessions

Items that hold a lot of sentimental value for you – for example, photographs, clothing, furniture, jewellery, collectables – should be stipulated in your will, along with who must inherit them. This helps to avoid disputes among family members, and limits delays in the estate administration process.

1. Providing for your spouse or partner

If your will is structured well, it will ensure that your spouse or partner is taken care of, when you are no longer able to. Consider the different scenarios, depending on who passes away first, especially if one person is financially dependent on the other.

1. Mirror wills rather than joint wills
   Capital Legacy advises clients not to draft joint wills, but rather to opt for mirror wills as this creates far less administrative friction and fewer delays and complications in the estate administration process. A mirror will is essentially the same will for both partners, simply naming each other as the beneficiary, e.g. the wills may say that the couple leaves everything to one another and then to their children, if applicable.

Drafting wills for members of blended families might seem slightly daunting but keeping these considerations in mind and making use of expert will-drafting services are good ways to ensure that your wills are legal and valid, and your loved ones looked after. Wills are all about peace of mind.