Estate planning is an important tool which we use to plan for our futures in the event of our death or decline in mental capacity. For blended families, this can be a complex subject.
Tips
Having a Will is essential. This will cover in exact detail issues relating to inheritance.
Life interest trusts are a great addition for blended families to incorporate into their estate planning. This allows for the security of a partner, for example, the right to continue living in the home whilst addressing inheritance for the children.
A Lasting Power of Attorney ensures that your wishes regarding finances and welfare are followed should you lack the capacity to make decisions yourself. In blended families, it is important to carefully consider who will act as your appointed attorney.
Good communication and transparency are important in any successful family, but it becomes doubly important when a family has a more complex and less traditional structure. Being open, honest and forward-thinking will contribute to good communication whilst ensuring that there are no unexpected surprises for anyone in the future.
Robust documentation is crucial for any family structure in order to prevent disputes and afford clarity. Documentation should always be carefully drafted and watertight.
Legal Advice
Ensuring that you have sought expert legal advice on estate planning is crucial. Choose a law firm that can help you to protect the things that matter to you the most and ensure that your loved ones are always taken care of.
A leading London law firm such as Forsters can provide security and peace of mind with expertise in all elements of estate planning.
By choosing a leading expert, you have complete peace of mind that your wishes have been documented correctly and are legal and binding.
