Advice ahead of marrying

susieb · 14 March 2017 at 2:31PM

I realise this isnt the most romantic thing to think about but I;m after some advice about what I need to think about in my situation.

I am getting married next year, (a second time), both of us have children from past long marriages.
I own a house, he rents but has a large amount of savings. We dont intend to live together until after we get married.

I currently have a will that solely favours my children made after my divorce. I have a POA set up in my mums name, with my partner named as replacement, if needed. Im happy for this to stay in place.

My partner has an old will, that named his wife, so is now not valid as they are divorced.

I have a small life insurance policy set up in trust that pays 50% each to the children. I did this so they could afford to run the house they inherit and set in trust so its released straight away.

After we get married, does my will stay in force? I assume so, so the kids get the house.

We both want to be able to leave our kids, (me 2 him 1) something. Only one child is still under 18.
Looking at best way to do this.

Do we set up a life insurance for him in trust for his child.

Can I alter my will to leave him able to live in the house but then it will go to my kids after he dies. If I do this are there risks, I'm thinking things like the kids ownig a property they dont live in might have consquences if they ever needed to claim benefits as it would put them over the capital limit or is this not counted if it cant be sold?
I assume for him, he can just write into a will how he wants his savings split.
He also has a lgps pension from the fireservice, but I dont think theres any need to account for that as I think the fact we remarry after he starting recieving means it wouldnt be passed on to me.

Have I missed anything? is there anything I need to consider?
I realise if we need care in old age the assets may be used anyhow to fund this.

emmatthews · 14 March 2017 at 2:38PM

Your existing will becomes invalid upon marriage (unless it was written in contemplation of marriage to a named person, which I assume it was not in this instance).

Keep_pedalling · 14 March 2017 at 3:06PM

You both need new wills. Get them sorted before the marriage so you don't leave the slightest chance of dying intestate.

They both need to be worded contemplation of marriage correctly so don't DIY it.

In may not be a romantic thing, but it is absolutely the right thing to be thinking about, and unfortunately many people in your situation don't even bother with a will.

Yorkshireman99 · 14 March 2017 at 3:07PM

susieb wrote: »

I realise this isnt the most romantic thing to think about but I;m after some advice about what I need to think about in my situation.

I am getting married next year, (a second time), both of us have children from past long marriages.
I own a house, he rents but has a large amount of savings. We dont intend to live together until after we get married.

I currently have a will that solely favours my children made after my divorce. I have a POA set up in my mums name, with my partner named as replacement, if needed. Im happy for this to stay in place.

My partner has an old will, that named his wife, so is now not valid as they are divorced.

I have a small life insurance policy set up in trust that pays 50% each to the children. I did this so they could afford to run the house they inherit and set in trust so its released straight away.

After we get married, does my will stay in force? I assume so, so the kids get the house.

We both want to be able to leave our kids, (me 2 him 1) something. Only one child is still under 18.
Looking at best way to do this.

Do we set up a life insurance for him in trust for his child.

Can I alter my will to leave him able to live in the house but then it will go to my kids after he dies. If I do this are there risks, I'm thinking things like the kids ownig a property they dont live in might have consquences if they ever needed to claim benefits as it would put them over the capital limit or is this not counted if it cant be sold?
I assume for him, he can just write into a will how he wants his savings split.
He also has a lgps pension from the fireservice, but I dont think theres any need to account for that as I think the fact we remarry after he starting recieving means it wouldnt be passed on to me.

Have I missed anything? is there anything I need to consider?
I realise if we need care in old age the assets may be used anyhow to fund this.

Divorce does not revoke a will. That needs to be taken care of without delay.You both need separate professional advice from a solicitor not a will maker.

susieb · 14 March 2017 at 3:10PM

Thanks, we will get new wills and make sure they know we are getting married.
I will expain all the above to a solicitor but how do we do what we want which it to protect each other, but also provide for our children

Yorkshireman99 · 14 March 2017 at 3:13PM

susieb wrote: »

Thanks, we will get new wills and make sure they know we are getting married.
I will expain all the above to a solicitor but how do we do what we want which it to protect each other, but also provide for our children

That is why you need to ask a solicitor to prepare wills that cover the different options. Also remember that a will needs reviewing every five years at the most.to take account of changed circumstances.

susieb · 14 March 2017 at 3:19PM

Yorkshireman99 wrote: »

Divorce does not revoke a will. That needs to be taken care of without delay.You both need separate professional advice from a solicitor not a will maker.

It does cause the gift to a former spouse to lapse tho doesnt it?

Yorkshireman99 · 14 March 2017 at 3:39PM

susieb wrote: »

It does cause the gift to a former spouse to lapse tho doesnt it?

Divorce does not, AIUI revoke a will made before the divorce but I am happy to be corrected. As I said you need to get new wills prepared ASAP to ensure no unexpected consequences

getmore4less · 14 March 2017 at 6:32PM

Divorce has the same effect as if the spouse died on the date the divorce is finalized.

The rest of the will remains valid.

so you can write a will with divorce in mind by having substitute beneficiaries if the intestate distribution is not what you want.

Best to write a new one in case you have an accident before the divorce is finalized.

TBagpuss · 14 March 2017 at 8:55PM

You need to discuss with your solciitor what you want to achieve in the wills.
Some thongs to consider:

- You will need to ensure that you own any house as Tenants in Common if you each want to be able to leave your share to your own children, as if you own as joint tenants, then the house just passes to the survivor, it doesn't form part of the estate you can leave by will

- You can, if you wish, include provisions in the will giving each other the right to occupy the house,and would need to consider whether this was a life long right, or whether it was to be for a limited period to give some breathing space after losing your spouse.

- consider whether you should also have a pre-nuptial agreement, to deal with what would happen financially if the marriage were to end as a result of a marriage breakdown rather than the death of one of you. (Particularly important if you are bringing unequal assets to the marriage)

-

susieb · 15 March 2017 at 10:30AM

TBagpuss wrote: »

You need to discuss with your solciitor what you want to achieve in the wills.
Some thongs to consider:

- You will need to ensure that you own any house as Tenants in Common if you each want to be able to leave your share to your own children, as if you own as joint tenants, then the house just passes to the survivor, it doesn't form part of the estate you can leave by will

- You can, if you wish, include provisions in the will giving each other the right to occupy the house,and would need to consider whether this was a life long right, or whether it was to be for a limited period to give some breathing space after losing your spouse.

- consider whether you should also have a pre-nuptial agreement, to deal with what would happen financially if the marriage were to end as a result of a marriage breakdown rather than the death of one of you. (Particularly important if you are bringing unequal assets to the marriage)

-

yes thankyou all good ideas

Advice ahead of marrying

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