To say that the modern family looks a little different to families of generations past would be an understatement.
Modern families come in all shapes and sizes – blended, single-parent, same-sex, traditional nuclear family – which creates unique sets of challenges when it comes to estate planning.
Add to this the exceedingly busy lives we all lead and you can understand why creating a Will and Estate Plan often gets put in the too hard basket.
Putting off your estate planning though can have devastating and long-term effects on your loved ones.
The good news is that with the right help, it’s relatively simple to get a high quality Will and Estate Plan.
And here’s why you want to do it.
You Will Be Protecting Your Children
Parents are keenly aware of the importance of protecting their children, and spend a lot of time wondering how to keep them safe, healthy and happy.
Worrying about how they will be protected if something happened to you, is an additional concern you don’t need.
As part of a Will and Estate Plan you will be able to specify care arrangements for your child, including legal guardianship and financial arrangements. You may even consider setting up a trust for your children.
Manage Complexities of Blended Families
Inevitably estate planning is more complicated for blended families that feature a mix of biological and step relationships.
A good Estate Plan can include measures to protect biological beneficiaries and exclude other parties if needed.
It will also take into consideration what may happen to your children and your assets if you pass away before your partner, and then they remarry.
Get a Clear Picture of Your Circumstances
Many parents worry about whether their financial situation and assets will be enough to support their children in the future.
As part of estate planning, you will obtain a clear picture of your circumstances and available measures to best maximise and preserve your assets.
Separated Parents Can Protect Their Assets
Separation and divorce is difficult enough without having to worry about protecting personal assets for your children.
Many people in this situation worry about how to provide for their children but also how to ensure their ex-partner doesn’t have access to their assets.
An Estate Plan can provide legal protection that takes this into account.
Peace of Mind
Even if you are young and healthy now, it’s important to recognise that you never know what the future holds.
One of the biggest benefits of a high-quality Will and Estate Plan is having peace of mind that your future wishes are taken care of and legally protected.
Knowing also that your individual circumstances have been taken into account, means you can get on with other important things in your life.
You should seek advice from a suitably qualified legal professional to assist you in your Will and estate planning.