Enslins | Estate Planning for Blended Families
For blended families – which can include people related by blood, marriage, adoption, or a non-marital union – estate planning can be more complex and have added significance.
What is an estate plan and how does it work?
Estate planning is the process of preparing for the desired management of financial affairs and assets in the event of an individual’s incapacitation or passing.
Our approach at Enslins includes drafting your will and outlining assets, beneficiaries, and arrangements for any minors. The planning involves building and maintaining trusts to easily manage assets, minimise tax liability, and provide for beneficiaries. It ensures the protection and preservation of assets from one generation to the next.
Estate planning for blended families
For blended families, the process of estate planning and drawing up a clear will may seem like a more complicated process, however, the complexity doesn’t diminish its importance.
A carefully drawn-up plan will ensure that there are protective measures in place for every child and dependent, biological or otherwise. A will for such a family will need to unambiguously outline the fair distribution of your assets and estate, preventing potential conflict among your family members.
Here are a few questions that might apply to your estate plan and family:
- Are there guardians named for all stepchildren, biological children, and/or adopted children in the event of your passing?
- Do you have a fair distribution of assets in place for children, dependents, and other family members?
- If you have an active life insurance policy, have the beneficiaries been named?
- Does your will account for prenuptial and/or postnuptial agreements?
At Enslins, we recognise the importance of having an estate plan in case of an emergency. With our expertise in accounting, tax planning, and other professional services, we aim to make this process as simple as possible.
We can offer you guidance on creating your will, handling the general administration that comes with estate planning, and tax planning to ensure that tax liabilities don’t pose a threat to your assets and beneficiaries.
Reach out to your nearest Enslins firm today, and let’s get started on protecting your legacy.
