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Most would agree that it's very important to have an estate plan in place to make sure that your assets are distributed according to your wishes when you're gone.

But a Will is not a one time thing. You must not forget to update your Will when significant changes occur in your life.

One key example is relationship change - separation, divorce or remarrying. While blended families are very common these days, estate planning can be tricky when you throw into the mix ex-spouses, stepchildren or children you've had with your new significant other. 

It's imperative to ensure your Will is carefully set up to avoid claims from parties whom you would prefer didn't receive any benefits. 

Don't just look at your current family situation. Step back and try to forecast potential issues that could arise as your family continues to evolve. Cheap 'DIY Will Kits' are out there, but unfortunately they dupe many people into believing Wills and estate planning are a simple matter. 

Believe me, it's a lot more than just writing down on a bit of paper who gets the house. 

Below you'll find some important pointers on setting up a Will. Additionally, after giving your circumstances some thought, seek professional advice from your financial planner and lawyer about this delicate matter. 

Expect The Unexpected 

Just because everyone is one big happy family now doesn’t mean it will be like this forever. I hate to come across negative, but you would be surprised at who comes out of the woodwork to challenge a Will for their share. 

Think Ahead 

Getting professional advice to minimise challenges on your estate is the way to go. A commonly used way of dissuading potential challengers is to leave a little something to someone you think would likely make a claim. A professional financial adviser would help you plan ahead wisely for just such a situation. 

Get More Bang For Your Buck 

Does the idea of discussing your personal situation with a legal professional make you uncomfortable? Strange as it may be, it really is necessary to provide as much information as possible and encourage them to be brutally honest with you.  

This will ensure that only your intended beneficiaries will benefit.

Who Will Be In Charge? 

So once you have sorted out who will get what, you need to think about who will be appointed the executor. This is the person whose job will be to make sure that the provisions of your estate are carried out. Getting the right person for this is crucial, especially in a complex blended family situation. You may need to consider having more than one person as the executor to minimise the risk of a sole executor being influenced in the future by ambitious and self-entitled individuals. 

Here's Where We Come In . . .  

With Calder Wealth Management, we will work with your lawyer to ensure you get recommendations for that can future-proof your Will, such as: 

We'll work closely with your lawyer to ensure that your legacy is secure. Don't have a lawyer? Ask us, we'd be happy to recommend a professional. 

At Calder Wealth Management, our financial advisers will work with your legal professional to help you formulate a plan which considers all of the above and much, much more! Call us now on 08 8373 3333 to arrange your complimentary no-obligation appointment.

Written by Ben Calder, Private Client Adviser at Calder Wealth Management.