Q. I have remarried but my children are from my first marriage and my new wife has children from her previous marriage. How can I make sure that only my own children benefit from my estate if I die before my wife, and still ensure that she is sufficiently provided for during her lifetime.
A. Any previous Will you had automatically became void when you remarried. If you fail to make a new Will before you pass away, the rules of intestacy will apply, meaning your new wife will benefit from the first £322,000 of your assets and half of anything above this amount. If she then died leaving a Will benefiting her children, or died without a Will, it is likely that her family would benefit and your children would receive nothing from her estate, including the assets she received from you.
If you make a new Will, you could include a trust giving your wife the right to live within your home until she passes away, providing she can maintain the property independently. Upon her passing, the trust will end and your share of the property would pass to your children. This is called a life interest trust. Generally, your wife would be entitled to any income from the property during her lifetime, but your children would ultimately benefit from the capital upon her death.
Another option is a right of occupation trust, which would end at a specified juncture, i.e. if your wife remarried, cohabited or was unable to continue living in your property, because for example she needed to live in a care home. On the trust ending, your children would then benefit from the capital.
You could also leave a specified share of any assets you don’t hold jointly with your wife to support her after you pass away and leave the rest to your children. Leaving insufficient support for your wife could lead to a claim against your estate.
This question has been answered by Nicole Kukla, a paralegal with GHP Legal. If you would like to speak to someone about this or any other legal matter, please visit our website www.ghplegal.com and use the contact us form, or call us on: Wrexham 01978 291456, Llangollen 01978 860313, Oswestry 01691 659194
