What are the estate risks for blended families?
If you are a blended family (i.e. either or both of you have children from a previous relationship) there are certain estate planning risks that may arise. You need to carefully consider the distribution of your estate, taking into account the needs of your spouse, children and stepchildren, all of whom may be eligible to make a claim against your estate if they have not been adequately provided for. In addition, Trustees of super funds can exercise their discretion to pay your super death benefit to particular people where you do not have a binding death benefit nomination, or it has lapsed, and their decisions are open to attack.
There are a range of estate planning strategies available to you that could help to reduce the likelihood or impact of a claim being made against your estate and we recommend that you seek professional advice.