A financial adviser can help make sure your blended family is protected if illness, or worse, affected you or your partner
A blended family is the term for a family where the children have different parents but all live together.
If you have a blended family then you need to take special steps to ensure they are protected and will be looked after if you had an accident or died. Unlike in a traditional family, if you die your assets will not necessarily flow to your new partner and the children in your new family.
A financial adviser can discuss your situation and help you decide how best to protect your family, giving you and your family peace-of-mind.
Considerations for a blended family:
- Be open and discuss your financial situation with your partner or new spouse.
- Keep it fair – children in your new blended family should be treated fairly and evenly, regardless of who their parents are.
- Make sure you update your Will and any other legal documents to make sure they reflect your new situation.
- Make sure your insurance will protect your family if you became ill or died.
- Think about who would take care of you if you became unable to make decisions because of illness.
- Understand the tax implications of your living arrangements.
To help you protect your blended family, we recommend you speak to your financial adviser. If you don’t have a financial adviser, we can help you find one.