Securing peace of mind for a blended family
The Client
When Mark and Jane bought their new home together, it was an exciting step forward in their relationship. Both had been married before and had children of their own – Mark had two grown-up children, while Jane had three. Their home was a joint investment and also their most valuable asset.
Like many blended families, their immediate stability was crucial, but so was ensuring their children would one day receive the inheritance they had intended.
The Challenge
As joint owners, Mark and Jane were each set to inherit the entire property in the event the other passed away. That might seem logical at first glance, but it posed a problem. If one of them died, the survivor would become the sole owner, and when they eventually passed away, their own will would dictate where the entire property went.
Without changes, there was a real risk that some of the children would be unintentionally disinherited.
Mark and Jane wanted a solution that would protect one another while also safeguarding their children’s future.
The Solution
After carefully listening to Mark and Jane’s wishes, we recommended a two-part solution to protect their home and ensure their families were provided for as intended.
First, we arranged to change their property ownership from Joint Tenants to Tenants in Common, giving each of them a clear and separate 50% share of the house. This meant that when one of them passed away, their half wouldn’t automatically pass to the surviving partner. Instead, it would be held in trust and passed on according to their wishes when the other partner died.
Next, we drafted new wills for both of them, each including a Protective Property Trust.
This trust structure allowed them to strike the right balance:
- The surviving partner would have the legal right to remain living in the home for the rest of their life.
- But once both had passed, their individual shares of the property would pass to their own children.
Although Mark had two children and Jane had three, they were both comfortable with each of their halves being split equally among their own children. So in practice, Mark’s two children would each receive 25% of the property, and Jane’s three would each receive around 16.7%.
They felt this reflected the way they’d invested in the home – equally – and were happy for their respective children to inherit accordingly.
That said, we also talked through other options. Had they wanted the house to be split equally five ways, for instance, we could have drafted reciprocal wills specifying that each of their shares would pass to all five children equally, regardless of bloodline. That kind of arrangement requires absolute trust and strong communication, especially in blended families.
But for Mark and Jane, keeping their shares separate offered both peace of mind and clarity. Their home was protected, their intentions were respected, and they knew their children would one day receive what was meant for them.
The Outcome
With everything in place, Mark and Jane could move forward with confidence. They’d protected each other, honoured their families, and removed the worry of any ambiguity down the line. Estate planning like this doesn’t just protect assets, it brings peace of mind.
Learn more about our Wills for Tenants in Common and how we help families protect what matters most.
“Not often I give a 5* Rating, however all I can say this guy is a complete Professional from start to finish. Rather complex case having both remarried & siblings on both sides. Nothing was a bother & so punctual & knowledgeable. Certainly recommended..”
When it comes to your peace of mind and your family’s welfare, the right time is now. Do the right thing and fill in one of our online will forms today!