Wills and Second Marriages; Ring-Fencing Assets on Second Marriage

Remarriages are on the rise, with recent statistics showing that approximately 32% of marriages in England and Wales now involve at least one party who has been married before.? Although blended families are more commonplace, they are causing an increase in the number of Will disputes.

Whenever your financial or family circumstances change, you ought to revisit your Will to ensure that the document is still appropriate for your family’s needs.? Some useful points to consider when reviewing your estate are as follows;

1.???? Wills can be revoked by a marriage / civil partnership

It is important to note that getting married will likely revoke your previous Will or Codicil unless some particular wording has been included in the earlier document.

Many people mistakenly think that their previous Will remains valid after marriage, but they may in fact not have a valid Will at all.?

2.???? Discuss Pre-Nuptial Agreements

Pre-nuptial agreements are becoming more commonplace in the UK, as adults are often coming to relationships with more independently earned capital than they would have done when marrying earlier was the norm.? Having such an agreement in place can help to ascertain which assets form part of which person’s estate, and they can encourage an open conversation regarding division of assets from the outset of a relationship.

3.???? Joint or Separate Finances

Open communication with your new spouse about financial matters, including your children’s inheritance, is important.?? Explore the pros and cons of managing finances jointly or separately on remarriage. ?This can affect how assets are protected and allocated after your death and how you structure your Wills to take into account both sides of your families.

4.???? Make a Will to leave? your share of the house? in Trust

If ensuring your children receive some financial benefit from your estate is a concern, then you can opt to incorporate trusts in your Will to give your spouse a right to occupy your share of the house, whilst still making sure that your children will eventually inherit your share of the property.

Life Interest Will Trusts are exceptionally useful vehicles to preserve a portion of your estate for your children, whilst still providing a home and financial support for your spouse during their lifetime.? They allow your spouse to remain in the house once you have passed away, but instead of your share in the property automatically passing to your spouse on your death, it ?passes in accordance with your own Will rather than relying on your spouse to enact your wishes.?

Discuss Your Estate Today

Please contact the Private Client team at Leeds Day to discuss your family’s circumstances.

We offer a personal, friendly and sympathetic approach, to assist you in planning and managing your affairs most effectively in a wide range of situations.? If you need any advice in relation to any Will, estate planning or bereavement matter then please contact Leeds Day on 0333 577 2250 or email [email protected].????