Blended Families – have you planned what will happen to your assets when you die?
Here’s the story of a lovely lady who was bringing up 3 very lovely girls and of a man named Brady who was busy with three boys of his own. You may know them as the Brady Bunch. They are the picture of a perfect blended family who lived happily ever after.
So what did the future really hold? They built up their joint asset pool, grew old together and decided who was going to get what after they each passed away.
The Brady’s had received good legal advice and prepared Wills. When they consulted their solicitor, they discussed what would happen when one or the other passed away. They considered what would happen to their assets if the surviving person has repartnered. Their Wills stated that when they died, they would leave all of their assets to each other and then equally amongst all of their children. As an added layer of protection they also entered into a Mutual Will Agreement. A Mutual Will Agreement is an agreement between the two Will makers which says that they agree that neither of them will make a new Will without the express consent of the other. A Mutual Will Agreement is a contract and therefore can be enforced by the beneficiaries named in the Will.
To find out more about a Mutual Will Agreement, make a time to see one of our specialist solicitors who can advise you on the best Will for your circumstances.