Blended families are increasingly common these days. That’s when one or both parents remarry or start new relationships and bring more children into the household.
Children, young people and even adults are often dependent on the ‘Bank of Mum and Dad’. But all children need to be provided for, even if they are step-children. It can cause acrimony if things like holidays, school fees and presents are not perceived to be shared out equally.
This means finances can be stretched very thinly. But can you afford to pay for for all your own dependents as well as those of your other half?
Family finances are complicated enough when all members are alive! But it can be even worse when someone dies, because there can then be disagreements about who inherits the estate.
Wills are increasingly being challenged by spouses, partners, exes and dependents who feel they haven’t been provided for.
Another high profile case has hit the headlines recently for precisely this reason. As you might have seen, the son of the late great magician, Paul Daniels, is currently contesting the will.
It’s heartbreaking to lose a loved one in the first place, and even more distressing when it leads to arguments about who should get what.
- Have you left everything to your ‘first’ family in your will?
- Have you had a ‘second’ family, but that relationship broke down too?
- Has your partner got children that you are responsible for?
You probably want to share your estate with your loved ones in a fair way. What you don’t want to leave is a rift in the family. To avoid this, you need a properly drafted will that is carefully thought through and kept up to date.
Of course, we can help you with that.