It is recurring theme that many people when they come to see us are married for a second time with children from the first marriage and are concerned to make provision for everyone in their Wills. Mr A had just such a problem and we helped him resolve it.
Mr A wanted to ensure that his current wife was provided for but that his children from his first marriage ultimately inherited most of his estate. Whilst he completely trusted that his wife would do the right thing by the children in her Will it was felt better for family relations that this was made clear and certain.
Mr A was not cash rich, his house was the main asset and worth in the region of £400,000 and was owned jointly with his wife. In his Will, Mr A firstly left any gifts to his children and wife that he wished to leave. He was happy for his wife to have all the money to provide for her future.
In regards to the home however he wanted his children to inherit. We recommended that firstly the ownership of the property was altered to what is called “tenants in common” so it was owned in severed half shares. Then in his Will he set up a trust in which his wife was given the right to live in the property throughout her life and upon her death his children inherited his share of property. The wife was responsible for the upkeep and payment of outgoings on the property and she could move if she wished. She was free to do as she wanted with her own share of the property and anything else she owned , but the trust protected the husband’s share for his children and it had the added benefit of not being accessible to the Local Authority to pay the wife’s care fees if ever she needed to move into a home.
Mr A discussed everything with his family and all were satisfied with the proposal and we were instructed to proceed as we recommended.
If you concerned about these issues, Heppenstalls can help you explore the issues in a friendly and informal way. If you would like to make an appointment, or to talk to our team about this article, please contact us on 01425 610078 or 01590 689500.