It is not uncommon with blended families for one parent to be protective of their children from a previous relationship. The bond to a child maybe stronger than the bond to a new spouse, and it can cloud judgment.
In such instances it may not make sense that if you remarry or come into a new relationship with assets to name the new spouse the sole beneficiary and then assume that a child from a previous marriage will receive your assets in accordance with your wishes.
Furthermore if you are a business owner and the business is your main asset the value of your business could diminish quickly if you need to separately provide for your new spouse and children and separately for children of a previous relationship. A business is not an easily transferable asset like cash or property, so careful planning is needed.
The good news is that there are various estate planning strategies for business owners with blended families, or for anyone entering a relationship with assets they want to bequeath to someone other than a spouse.
An important part of the process will be to define your particular circumstances. In respect of your business you will need to establish whether your business can continue in the event of your death and whether it is desirable to be kept, sold or liquidated for maximum value. You can then devise particular strategies for your surviving spouse to receive income from your business but not the right to control or manage the business. You can also arrange for the business or a particular asset or amount of money to pass to a particular child. As for your home, you can structure an arrangement to enable the surviving spouse to have the option to stay in the home but, upon their death, ownership of the house could pass to your children.
Wills Dispute and Estate Planning Lawyers at Pavuk Legal can also assist you with a full range of legal services in respect to your Estate Planning needs. With the right tools and processes your Estate Planning desires can be implemented appropriately for both you and your intended beneficiaries.
More essential estate planning hot topics can be found in the book Nobody Else’s Business. Nobody Else’s Business is about helping business owners live the life they want to live, now and in the future. It is the ultimate guidebook for succession planning of modern Australian businesses.
To purchase your own copy of Nobody Else’s Business please follow the link http://www.nobodyelsesbusiness.com.au/