Second Marriages & Succession Series – Part II

Balancing a Surviving Spouse with Children from a Previous Relationship In Part I we looked at Derek’s position — the uncertainty that adult children in blended families can sometimes feel about their future inheritance.

But the situation looks very different from Jim’s perspective.

Having said that, the following also tends to be true:

1. If you don’t have much, then there isn’t much for people to fight over — and so perhaps the less likely it is that they will.

2. If you have a great deal, then there may be plenty to go around — and so perhaps the less likely it is that anyone will feel aggrieved.

3. Where things can become more complicated is when you have more than a little… but less than a lot. Enough to go around — but not enough for everyone to feel equally satisfied.

Jim, now in his eighties, finds himself in precisely this position.

If Jim is the first member of his family to die — and that is reasonably likely — he will leave behind:

1. A wife, Helen, whom he loves and for whom he wishes to provide;

2. Two biological children from his relationship with Helen;

3. Two step-children (from Helen’s previous relationship) whom he has helped raise as his own; and

4. Derek, his biological son from his first marriage.

Helen — being Jim’s wife — quite reasonably expects that Jim will provide for her when he is gone.

Jim’s assets (including the family home, which sits within Jim and Helen’s family trust) are sufficient to ensure Helen is well looked after… but realistically, only if those assets are primarily dedicated to providing for Helen.

And of course, if Jim provides for Helen, he will by extension end up providing for Helen’s children — that is, both his children and his step-children.

But what about Derek?

Jim wants to ensure that Derek receives some form of inheritance as well. He is also very aware that Derek’s position in the family is the most vulnerable — being the only child whose mother is not Helen.

There are some conversations Jim needs to have — the kind of conversations that are not always easy to begin, and not always comfortable to continue.

But they are conversations that need to happen. If you're ready to start a conversation, give us a call 03 477 8080. Part I – When Children from a First Relationship Are Left Wondering Where They Stand

Part II – Balancing a Surviving Spouse with Children from a Previous Relationship

Part III – Mutual Wills

Part IV – Estate Planning in Blended Families