How much is enough: what level of provision is sufficient for a subsequent partner in a later-in-life relationship?

In the modern-day family, it is a common scenario: following a separation from the mother or father of your children, you re-partner.

This may be formalised by marriage or remain a long-term de facto relationship.

Your partner may also have children from their previous relationship.

Your finances are intermingled, and you are at least to some degree dependent on each other to maintain your manner of living.

Life together is great… but it may be the death of either of you that raises some real challenges.

One of those challenges is how much to provide to your partner on your death (and vice versa, how much provision your partner should make for you) so that the survivor can continue life in the manner that they have become accustomed, while balancing the desire to ensure your respective children also receive an inheritance.

How do you know how much provision will be sufficient, and if your partner has already passed away, how do you know if what you have received is fair and reasonable?

If you and your partner are both still alive, the challenge of appropriate provision can be easily resolved with a well-considered and tailored estate plan.

This estate plan must be current, to take into account your current wealth and obligations, and should be completed mutually (ie. the estate planning process should be undertaken by both you and your partner together, reaching agreement as to how much provision for each other will be reasonable, and the nature and mechanics of that provision).

An experienced estate planning lawyer can take you through that process from an initial consultation to discuss and understand your circumstances, wishes and intentions, then provide advice as to how your assets could be divided, and strategies as to how to provide for your partner and still guarantee an inheritance for your children, through to the preparation of your formal wills and accompanying documents.

These documents should then be reviewed with your lawyer regularly to ensure the plan and strategies still meet your needs and circumstances into the future.

If your partner has already passed away, and you feel you have not received sufficient provision from their estate to maintain your lifestyle, then you should seek legal advice as to challenging the will.

This may be on the basis that your partner knowingly made a will which leaves you in a position that you cannot afford to maintain the lifestyle you enjoyed together, or in circumstances where your partner did not have the requisite mental capacity to make their will, or was unduly influenced by others to make a will unfavourable to you, you may need to challenge the validity of the will. Again, an experienced estate disputes lawyer can guide you through this process.

The wills, estates and succession planning team at Coulter Legal can assist you through the estate planning process or guide you through challenging a will.

Head to coulterlegal.com.au to find out more.

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