Hello

My wife and I are very happily married in our mid-fifties.
We each have children from our first marriages, all over 21.

At present we have mirror wills leaving everything to the other unless
the other is dead or dies within 28 days in which case it is shared
equally between the children with any already deceased childs share
split equally between their children.

It is not inconceivable that one of us might survive the other by 30 or
40 years and possible marry again.

How can we ensure that the interests of the children of the first
deceased are protected? We have no reason to distrust each other but
anything could happen in the possible timescale available.
Total net assets are around GBP400K including a house worth about GBP350K.

Just trying to get some ideas before taking advice.

TIA for any advice.

My wife and I are very happily married in our mid-fifties.
We each have children from our first marriages, all over 21.

At present we have mirror wills leaving everything to the other unless the
other is dead or dies within 28 days in which case it is shared equally
between the children with any already deceased childs share split equally
between their children.

It is not inconceivable that one of us might survive the other by 30 or 40
years and possible marry again.

How can we ensure that the interests of the children of the first deceased
are protected? We have no reason to distrust each other but anything could
happen in the possible timescale available.
Total net assets are around GBP400K including a house worth about GBP350K.

Probably the only way to be sure would involve setting up a trust of some
kind. However, this can be complex and expensive not to mention the fact
that governments have a nasty habit of changing the rules. Also remarriage
means that a will made before the marriage is no longer valid. There is an
exception which means a will specifically made "in contemplation of marriage
to a specific person" remains valid if the marriage takes place. It is not a
job that can be DIYed without huge risk that the consequences will not be
what you want to happen.

Peter Crosland

Peter Crosland posted
My wife and I are very happily married in our mid-fifties.
We each have children from our first marriages, all over 21.

At present we have mirror wills leaving everything to the other unless the
other is dead or dies within 28 days in which case it is shared equally
between the children with any already deceased childs share split equally
between their children.

It is not inconceivable that one of us might survive the other by 30 or 40
years and possible marry again.

How can we ensure that the interests of the children of the first deceased
are protected? We have no reason to distrust each other but anything could
happen in the possible timescale available.
Total net assets are around GBP400K including a house worth about GBP350K.

Probably the only way to be sure would involve setting up a trust of some
kind. However, this can be complex and expensive

It doesn't cost anything to create a trust. In fact, if the OP dies
intestate, one is automatically created free of charge.

not to mention the fact
that governments have a nasty habit of changing the rules. Also remarriage
means that a will made before the marriage is no longer valid.

Yes, but the solution is for each spouse to make their *own* will
leaving their assets into their *own* trust. Then if they die first, the
other spouse cannot undo this trust by marrying again.

The classic solution to the OP's question is to give his half of his
property in trust for the children, but to give his wife a life
interest.
The complicating factor is, of course, the house, which forms such a
large part of the estate, causing problems if and when the estate is to
be distributed. Also of course it makes a big difference whether it is
held as joint tenants or tenants in common, or by one of the spouses as
sole named owner.

There is an
exception which means a will specifically made "in contemplation of marriage
to a specific person" remains valid if the marriage takes place. It is not a
job that can be DIYed without huge risk that the consequences will not be
what you want to happen.

The OP should probably take professional advice, but *not* from a
non-specialist high street solicitor who would probably screw it all up.

As a first step he should buy the Which? guide "Wills & Probate". That
will explain all the issues he has to consider and will arm him to
discuss matters with an estates professional.

--
Les
"God will save her, fear you not, be you the men you've been.
Get you the sons your fathers got and God will save the Queen."

Big Les Wade wrote:
Peter Crosland posted
My wife and I are very happily married in our mid-fifties.
We each have children from our first marriages, all over 21.

At present we have mirror wills leaving everything to the other
unless the
other is dead or dies within 28 days in which case it is shared equally
between the children with any already deceased childs share split
equally
between their children.

It is not inconceivable that one of us might survive the other by 30
or 40
years and possible marry again.

How can we ensure that the interests of the children of the first
deceased
are protected? We have no reason to distrust each other but anything
could
happen in the possible timescale available.
Total net assets are around GBP400K including a house worth about
GBP350K.

Probably the only way to be sure would involve setting up a trust of some
kind. However, this can be complex and expensive

It doesn't cost anything to create a trust. In fact, if the OP dies
intestate, one is automatically created free of charge.

not to mention the fact
that governments have a nasty habit of changing the rules. Also
remarriage
means that a will made before the marriage is no longer valid.

Yes, but the solution is for each spouse to make their *own* will
leaving their assets into their *own* trust. Then if they die first, the
other spouse cannot undo this trust by marrying again.

The classic solution to the OP's question is to give his half of his
property in trust for the children, but to give his wife a life interest.
The complicating factor is, of course, the house, which forms such a
large part of the estate, causing problems if and when the estate is to
be distributed. Also of course it makes a big difference whether it is
held as joint tenants or tenants in common, or by one of the spouses as
sole named owner.

There is an
exception which means a will specifically made "in contemplation of
marriage
to a specific person" remains valid if the marriage takes place. It is
not a
job that can be DIYed without huge risk that the consequences will not be
what you want to happen.

The OP should probably take professional advice, but *not* from a
non-specialist high street solicitor who would probably screw it all up.

As a first step he should buy the Which? guide "Wills & Probate". That
will explain all the issues he has to consider and will arm him to
discuss matters with an estates professional.


Many thanks for this. I do subscribe to Which? but will pop down to the
library to see if I can borrow a copy.

Having had a quick look at the Law Society site just about every
solicitor in town is accredited to deal with Wills & probate and trust
law. Any advice on how to identify a suitable specialist?

Having negotiated many personal injury claims on behalf of my insurance
company employers, moved house several times and divorced my ex I am
well aware that solicitors cannot be experts in all areas of the law.

(When I moved house once the money did not make it up the chain, a
number of us did not complete or move until 6 days late and all sorts of
litigation was threatened. Fortunately I was bright enough to realise
that my solicitors initial advice on remoteness etc. was completely wrong.)

I can never remember which way around the expressions are but the house
is held at present by my wife and myself so that it automatically goes
to the survivor. Ie. Not in fixed proportions. Fortunately with no
mortgage it would be relatively easy to change.

On 2 Sep, 16:00, Big Les Wade wrote:

It doesn't cost anything to create a trust. In fact, if the OP dies
intestate, one is automatically created free of charge.

Sometimes *several* 8-).

I think Peter was more worried about tax. The government has had very
little to say about the law on the creation of trusts but quite a lot
about their tax status. Tax, in the future, is even harder to predict
of course.


Yes, but the solution is for each spouse to make their *own* will
leaving their assets into their *own* trust. Then if they die first, the
other spouse cannot undo this trust by marrying again.

Right, though there are lots of snags there too. Its a more modern and
neater solution than mutual wills (where something like a floating
charge is created over the surviving spouse's assets that crystallises
on their decease). Almost anything can be done with enough care.
[snip]


The OP should probably take professional advice, but *not* from a
non-specialist high street solicitor who would probably screw it all up.


I'd change "probably" to "certainly". This is really something you'd
not want to DIY. Its also something where the consequences of screwing
up won't be felt for some time to come.

Francis