Jacqueline Barton

Estate planning is rarely straightforward – and for blended families, it often comes with extra layers of complexity.

Roughly 1 in 8 Australian households is now a blended or step-family. That means more parents navigating how to divide assets fairly between current partners, shared children, and children from previous relationships.

It’s a delicate balancing act – one that can be made easier with planning, transparency and the right advice.

Start with open communication

As uncomfortable as it may be, talking through your wishes with family members can prevent major misunderstandings down the line.

A skilled financial adviser or estate planning professional can help guide these conversations and ensure your legal documents reflect your intentions – clearly and without ambiguity.

Tools that can help – and how they work

There’s no one-size-fits-all approach to estate planning in blended families, but these tools can provide structure and clarity:

Wills

A professionally drafted Will is the foundation of any estate plan. For blended families, precision matters. A vague or outdated Will can lead to legal disputes – or leave someone unintentionally excluded.

Mutual Wills

These are agreements between partners that say neither party will change their Will after one person dies. They can give peace of mind to families with children from previous relationships – but they also come with limitations.

The surviving partner may be restricted from selling or using certain assets, particularly if they remarry.

Testamentary Trusts

Created through your Will and activated on your death, these trusts allow assets to be distributed under specific conditions.

They offer protection for children and beneficiaries, and can help shield assets from legal disputes or creditors. However, they are more complex and should be set up with legal guidance.

Binding Financial Agreements (Prenups/Postnups)

These outline who owns what, and how assets will be divided in the event of a relationship breakdown.

They can protect assets brought into the relationship and clarify intentions – but they must be properly drafted and reviewed by legal professionals. They may not always hold up if circumstances change significantly.

Fairness doesn’t always mean equal

You may want to leave different amounts to different people – and that’s okay. The key is to document your decisions and, if possible, share your reasoning.

Some people choose to divide their estate by percentage. Others allocate specific assets (like property or shares) to individuals. There’s flexibility – but clear records matter.

Review regularly

Life changes – and so should your estate plan.

A marriage, divorce, new baby or the death of a loved one are all reasons to revisit your documents. Aim to review your plan every couple of years, even if nothing major has changed.

The right advice makes all the difference

Blended families deserve estate plans that are fair, clear and protective. With the help of a qualified adviser, you can navigate the legal and emotional challenges involved – and make sure the people you care about most are supported well into the future.

Estate planning may not be easy, but peace of mind is worth it.

When Sally’s daughter Emma went on holiday to Bali, Sally expected the usual updates – not a panicked voice message asking for $5,000.

“Mum, it’s Emma. I’m in trouble. Can you urgently put five thousand dollars into my account? My bank details are…”

It sounded exactly like her daughter. Same voice, same tone. But something didn’t feel right.

Thankfully, Sally had recently heard about fake voice scams – and called Emma directly to double check. Her instinct was right. The message was a fake, generated using AI.

This type of scam is known as vishing – and it’s part of a growing wave of AI-powered scams targeting everyday Australians.

What are AI scams – and why are they so dangerous?

Generative AI can now mimic real voices, replicate faces, and spin up convincing messages in seconds.

This has enormous benefits in medicine, education and business – but it also opens the door to misuse. Scammers are now using this technology to impersonate trusted people and trick victims into acting quickly and emotionally.

Common AI scams: How they work and what to look out for

So what’s the common thread?

Urgency. Pressure. Emotion. These scams are designed to bypass your logic by creating a sense of crisis or trust.

That’s why it’s so important to slow down and verify before responding – even if the message seems legitimate.

How to protect yourself

In a world where AI can fake voices, photos and even live video, your best defence is caution and verification.

Here are practical steps to protect yourself:

• Pause and think: Scammers rely on urgency. Take a moment before acting on any unexpected request.

• Verify the source: Call the person directly on a known number or check with the organisation through official channels.

• Don’t click unknown links: Even if the message appears to come from a trusted source.

• Report and learn: Visit Scamwatch for the latest alerts and to log any suspicious messages.

• Seek advice before transferring funds: Especially when requests involve urgency, secrecy or financial action.

A final reminder

Technology may be advancing, but scammers are still relying on the same thing: human trust.

AI has no emotions. But we do – and that’s our strength.

Stay cautious. Ask questions. Expect proof. And don’t be afraid to double check, even if the request seems legitimate.

Your best protection is still your ability to pause, assess, and verify.

Financial strategies aren’t set-and-forget.

Life moves quickly, and what worked for you a year or two ago might not be the best fit today. That’s why the start of a new financial year is the perfect time to pause, check in, and make sure your plan is still working for you.

Your life isn’t static – and your plan shouldn’t be either

A new job, a pay rise, a home purchase, or the birth of a child – all these events can shift your financial position. Even smaller changes, like new spending habits or paying off a loan, can alter your trajectory.

That’s why regular reviews matter. They help ensure your plan reflects your current lifestyle, not a past version of it.

The economy isn’t standing still

Interest rates, inflation, and government policy have all shifted dramatically in recent years. What felt manageable or profitable under one set of conditions might feel very different today.

If you set your financial strategy during a low-rate, low-inflation period, now might be the time to reassess how well it’s holding up in a more volatile environment.

Market movements and your mindset

Markets rise, fall, and move sideways – and your financial strategy should be able to weather all three. But even if your long-term plan hasn’t changed, your mindset might have.

Your tolerance for risk, your income needs, or your retirement timeline may have shifted – which means your investment strategy might need an update to stay aligned with your goals.

Progress isn’t always linear

Some years go to plan. Others throw a curveball. Maybe you exceeded your savings targets. Or maybe you had to press pause on your financial goals.

Either way, it’s helpful to understand where you stand so you can adjust, reset, or keep pushing forward with confidence.

Small changes can have a big impact

Financial reviews don’t always mean overhauling your entire plan. In many cases, it’s about refining the edges – a small contribution tweak, a goal reset, or updating an out-of-date document.

These kinds of adjustments can keep your strategy in step with your life, without the need for dramatic change.

What to review this financial year

Here are a few key areas worth checking in on:

• Spending habits: Have they changed? A fresh look at your household budget can help ensure day-to-day decisions are still supporting long-term goals.
• Insurance: Big life changes (like growing your family) might call for updated cover levels for life, income, or disability insurance.
• Superannuation: When did you last check your investment strategy? Your super settings should match your life stage and risk appetite – especially given recent global market shifts.
• Estate planning: It’s easy to overlook, but reviewing your will, powers of attorney, and beneficiary nominations ensures your plan stays current and protective.

Ready to check in?

A quick review today can save stress tomorrow. It keeps your strategy working as hard as you do – and ensures you’re making informed choices based on where you are now.

If it’s been a while since your last financial check-in, we’re here to help you review, refine and realign for the year ahead.

We don’t always love booking in a car service – but we know why we do it. To stay safe. To avoid nasty surprises. To keep things running smoothly.

Your financial plan needs the same kind of attention. And just like with a car, leaving it too long between reviews can lead to breakdowns when you least expect them.

A real-life reminder

Josh and Kate had their first child late last year. Like many new parents, they were focused on adjusting to life with a baby – sleepless nights, new routines, and planning for the future.

But it was a close friend who reminded Josh that becoming a parent changed everything – including their financial responsibilities. He encouraged them to sit down with a financial adviser to review their insurance.

That conversation proved to be essential.

What had changed?

Josh and Kate had taken out life insurance three years earlier, back when they bought their first home. Their cover amount was $250,000 – just enough to clear the mortgage if something happened.

But with a child now in the picture, that number no longer reflected their real-world needs.

Their adviser recommended increasing their cover to $750,000. Josh was shocked at first. But then the plan was broken down clearly:

• $400,000 would replace Josh’s income over time, allowing Kate to care for their son or return to work with help from a nanny.
• The remainder could be invested to support their child’s future education – a goal they’d already been saving toward and didn’t want to lose sight of.

A plan that fits your life – not just your loan

This one conversation gave Josh and Kate peace of mind. They knew they weren’t just covered for the mortgage – they were covered for life as it actually looked now.

That’s what a regular review offers: the opportunity to make sure your financial protections still fit your real-life circumstances.

Has your situation changed?

A new child, a new job, a home purchase, a business launch – these events all signal a need to revisit your financial plan.

A quick check-in can make sure your cover levels are still right, your goals are still achievable, and your family won’t be left exposed if the unexpected happens.

Let’s make sure your plan still works for you

If it’s been a while since your last financial review – or if life has shifted – now’s the time to act.

We can help you revisit your insurance, rethink your goals, and fine-tune your plan so it reflects where you are now (and where you’re headed next).

Reach out to book a review. It could make all the difference.

While the topic of our own mortality is never pleasant, taking the time to plan ahead can significantly ease the burden on loved ones during a difficult time. Here are three critical aspects of estate planning that require attention, complete with practical examples and solutions.

Directing Your Superannuation

Typically, the trustee of your superannuation fund has the authority to decide who receives your super and any associated life insurance benefits. Legislation requires these payments to go to your dependents.

Example: Consider a divorced individual who wishes to leave their super to children from a previous marriage, excluding their ex-spouse. Without specific directives, there’s a risk that the trustees may allocate part of the super to the ex-spouse.

Solution: Some super funds offer the option of a Binding Death Benefit Nomination, which allows you to specify exactly how your super should be distributed, ensuring your wishes are respected and not left to the discretion of the trustees.

Risks of Dying Without a Will (Intestate)

Dying without a will means your assets will be distributed based on state laws, which may not align with your personal wishes.

Example: A 27-year-old unexpectedly dies in an accident, leaving behind life insurance through her super and assets totalling $95,000. Without a will and with no dependants, her assets are divided between her estranged parents, contrary to her likely wishes.

Solution: It’s crucial to have a will that clearly outlines your wishes to prevent unintended distributions.

Ensuring Immediate Support for Dependents

The validation of a will through probate can delay the distribution of your estate, especially if the will is contested.

Example: The primary earner in a family passes away, but their recent will can’t be located, complicating matters for the funeral and legal proceedings. Additionally, a distanced family member contests the will, further delaying the process. The surviving spouse faces financial and emotional strain without immediate access to funds.

Solution: Keep essential documents in a secure but accessible location and inform your executor about where to find these documents. Consider a life insurance policy with a named beneficiary to provide immediate financial support independent of the estate.

Next Steps

Contact your financial adviser today. Effective estate planning is crucial for everyone, and your adviser can help streamline the process, reducing stress for your family and ensuring your final wishes are honoured.