You’ve found love again and want to make sure your children are looked after when you’re gone. But did you know that your Will might not be enough to protect your children’s inheritance, especially if you own your home or other assets jointly with your new spouse?
The painful truth: How your children can miss out
Joint Ownership Trumps Your Will: If you and your new partner own your home or bank accounts as “joint tenants,” those assets automatically pass to the surviving spouse, no matter what your will says. Your children could be left with nothing.
Step-Parent Windfall: Your new spouse could inherit everything, and there’s no legal obligation for them to pass anything on to your children from a previous relationship.
Broken Promises: Even if your spouse promises to “look after the kids,” circumstances can change: new relationships, family disputes, or financial pressures can mean your children miss out.
How to protect your children’s inheritance:
Review How You Own Your Assets: Consider changing joint tenancies to “tenants in common,” so your share can be left to your children in your will.
Update Your Will and Estate Plan: Make sure your will is up to date and reflects your wishes for your children.
Consider a Trust: In some cases, a family trust can help protect assets for your children.
Get Legal Advice: Estate planning in blended families is complex. A lawyer can help you structure your affairs to protect your children and avoid nasty surprises.
Don’t let your children be disinherited
Second marriages bring joy, but also risk. Without the right planning, your children could lose their entire inheritance to a stepparent. Take action now to make sure your wishes are honoured, and your children are protected.
Get in touch with our experts
Email kirsty@gallie.co.nz or Phone 07 872 0560
Email nicole@gallie.co.nz or Phone 07 872 0560
Email rachel@gallie.co.nz or Phone 07 872 0560
Email page@gallie.co.nz or Phone 07 872 0560
This article is for general information only and does not constitute legal advice. For advice about your specific situation, contact us for further information.
