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Where There's a Will


Will your Spouse re-marry?

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An important consideration when making a Will, particularly for younger couples for example, is how to protect your assets for your children. What if your spouse re-marries after you are gone?  Regardless of how old you are, it happens.  And very often your children inherit step-siblings. As an example, let’s assume I act for a young couple with four children.  Husband dies young, leaving considerable monies to his wife.  Nothing wrong with that. But what if the Wife re-marries?  And what if her second husband has two children of his own?  Using a ‘simple’ Will, the Husband’s assets may then be split amongst all six children when the Wife dies, and even with the second husband. A financial adviser I know recommends Life Interest Wills, which is an excellent idea.  I have blogged about them before, but…this type of Will involves a trust.  An amount of money is placed into the trust, and the INCOME of that trust is given to the beneficiary (eg. the surviving spouse) during their lifetime.  The actual amount of money placed in the trust (the CAPITAL) is not generally touched. When the beneficiary dies, the remainder of the CAPITAL will pass directly to whomever is stipulated in the Will (i.e. the children). If you have any queries, please get in touch.

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