“I recently re-married and have two children from my first marriage. How can I ensure that my estate will pass to them when both me and my husband have died?”
This is a relatively common scenario and my client was naturally concerned that if she died first and simply left her estate to her husband in her Will, he could disinherit her children in the future.
She could of course leave her estate to her children, by-passing her husband altogether, but she felt that would be unfair, not to mention heartless!
My advice was to create a Will leaving her husband a life interest in her estate, including her share of the marital home.
Her husband would have the security of knowing that he can remain in the property for the rest of his life (he can even move if he wants to, and a different property can be purchased on the same basis). He would also be entitled to the income on any cash assets in her estate for the rest of this life.
On his eventual death, the capital in her estate – whether it is her half of the property or the cash investments – will pass to her two children as she wanted. In this way she has looked after both her husband’s interests and those of her children.
If you feel that a life interest trust may be appropriate for you, please do contact Alison for further information.