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Blended Families and Inheritance: Charting Clear Financial Waters

Ensuring your family's financial future is on the right track.

Recent data from a May 2023 study has shed light on a notable concern: a significant number of blended families (those with children from previous and current relationships) haven't updated their wills following major life changes. In fact, a staggering 47% are navigating life without adjusting their wills post events like remarriage or welcoming new children.


This oversight isn't just a minor administrative hiccup. Without an updated will, families might face unexpected tax implications and confusion about asset distribution. In simpler terms, it can lead to misunderstandings about who inherits what.


It's good to talk


Another intriguing insight from the research is the silence around finances. Around 21% of individuals in blended families revealed that they hadn't discussed financial succession plans with anyone. While money talks might feel sensitive, avoiding them can result in bigger complications down the line.


The study also pointed out inheritance disparities. In blended families, 27% found themselves not receiving the expected inheritance from their parents, a figure that's noticeably higher than the 17% in traditional families.


Additionally, when it comes to agreeing on how to pass down assets, blended families face more discord. While 40% of such families reported disagreements, only 30% of traditional families shared the same concern.


Moreover, a remarkable 14% of individuals in blended families haven't broached the topic of inheritance with their significant other. Conversations around this might be challenging, but they're essential to ensure alignment in financial aspirations.


Help is at hand


At Peritum Wills, we recognize the complexities blended families may encounter. Our dedicated team is on hand to offer guidance, ensuring that your estate planning is both up-to-date and comprehensive. If you find yourself with queries or need guidance, we're only a call away. Our commitment is to simplify the intricate aspects of financial planning, ensuring that your family's financial trajectory is as you envision.

 

Colin Barrett-Treen is a Director & Principal Estate Planner at Peritum Wills.


Ancojada wills Limited trading as Peritum Wills is not authorised or regulated to provide financial advice.


All financial advice is provided by other regulated businesses.


The Financial Conduct Authority does not regulate Taxation, Trust advice or Will writing.


Trusts are a highly complex area of financial planning.


Information provided and any opinions expressed are for general guidance only and not personal to your circumstances, nor are they intended to provide specific advice.


Tax laws are subject to change and taxation will vary depending on individual circumstances.

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