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  • FIRST POST
    • susieb
    • By susieb 14th Mar 17, 1:31 PM
    • 1,480Posts
    • 1,057Thanks
    susieb
    Advice ahead of marrying
    • #1
    • 14th Mar 17, 1:31 PM
    Advice ahead of marrying 14th Mar 17 at 1:31 PM
    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.
    Always on the hunt for a bargain
Page 1
    • emmatthews
    • By emmatthews 14th Mar 17, 1:38 PM
    • 644 Posts
    • 1,252 Thanks
    emmatthews
    • #2
    • 14th Mar 17, 1:38 PM
    • #2
    • 14th Mar 17, 1:38 PM
    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
    • By Keep pedalling 14th Mar 17, 2:06 PM
    • 3,426 Posts
    • 3,692 Thanks
    Keep pedalling
    • #3
    • 14th Mar 17, 2:06 PM
    • #3
    • 14th Mar 17, 2:06 PM
    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
    • By Yorkshireman99 14th Mar 17, 2:07 PM
    • 2,771 Posts
    • 2,200 Thanks
    Yorkshireman99
    • #4
    • 14th Mar 17, 2:07 PM
    • #4
    • 14th Mar 17, 2:07 PM
    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.
    Originally posted by susieb
    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
    • By susieb 14th Mar 17, 2:10 PM
    • 1,480 Posts
    • 1,057 Thanks
    susieb
    • #5
    • 14th Mar 17, 2:10 PM
    • #5
    • 14th Mar 17, 2:10 PM
    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
    Always on the hunt for a bargain
    • Yorkshireman99
    • By Yorkshireman99 14th Mar 17, 2:13 PM
    • 2,771 Posts
    • 2,200 Thanks
    Yorkshireman99
    • #6
    • 14th Mar 17, 2:13 PM
    • #6
    • 14th Mar 17, 2:13 PM
    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
    Originally posted by susieb
    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
    • By susieb 14th Mar 17, 2:19 PM
    • 1,480 Posts
    • 1,057 Thanks
    susieb
    • #7
    • 14th Mar 17, 2:19 PM
    • #7
    • 14th Mar 17, 2:19 PM
    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.
    Originally posted by Yorkshireman99
    It does cause the gift to a former spouse to lapse tho doesnt it?
    Always on the hunt for a bargain
    • Yorkshireman99
    • By Yorkshireman99 14th Mar 17, 2:39 PM
    • 2,771 Posts
    • 2,200 Thanks
    Yorkshireman99
    • #8
    • 14th Mar 17, 2:39 PM
    • #8
    • 14th Mar 17, 2:39 PM
    It does cause the gift to a former spouse to lapse tho doesnt it?
    Originally posted by susieb
    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
    • By getmore4less 14th Mar 17, 5:32 PM
    • 29,437 Posts
    • 17,592 Thanks
    getmore4less
    • #9
    • 14th Mar 17, 5:32 PM
    • #9
    • 14th Mar 17, 5:32 PM
    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
    • By TBagpuss 14th Mar 17, 7:55 PM
    • 5,772 Posts
    • 7,544 Thanks
    TBagpuss
    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
    • By susieb 15th Mar 17, 9:30 AM
    • 1,480 Posts
    • 1,057 Thanks
    susieb
    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)

    -
    Originally posted by TBagpuss
    yes thankyou all good ideas
    Always on the hunt for a bargain
    • Newly retired
    • By Newly retired 16th Mar 17, 12:38 PM
    • 2,302 Posts
    • 2,677 Thanks
    Newly retired
    You may want to consider discussing the situation with your children too.
    • Fireflyaway
    • By Fireflyaway 16th Mar 17, 4:13 PM
    • 1,076 Posts
    • 1,097 Thanks
    Fireflyaway
    I would definitely get legal advice. I know of someone who died and hadn't changed his will. He was quite young in an accident. His wife and kids were left with nothing and his ex wife got the lot! I have no idea on the legalities, if she was specifically named or what, but I know its not what he would have wanted! Better check than make a mistake.
    • margaretclare
    • By margaretclare 16th Mar 17, 4:18 PM
    • 10,232 Posts
    • 17,003 Thanks
    margaretclare
    As others have said, marriage invalidates any existing will. That means you both need a new will.
    Ćr ic wisdom funde, ćr wearđ ic eald.
    Before I found wisdom, I became old.
    • Malthusian
    • By Malthusian 16th Mar 17, 4:31 PM
    • 2,563 Posts
    • 3,632 Thanks
    Malthusian
    I would definitely get legal advice. I know of someone who died and hadn't changed his will. He was quite young in an accident. His wife and kids were left with nothing and his ex wife got the lot! I have no idea on the legalities, if she was specifically named or what, but I know its not what he would have wanted! Better check than make a mistake.
    Originally posted by Fireflyaway
    That doesn't add up. When he married his second wife, any Will he made during his previous marriage would have been revoked. If he didn't bother to make a new Will, intestacy laws would have applied and his estate would have gone to either his second wife or his second wife + kids depending on the size of his estate.

    I can only think of two scenarios which would result in everything going to his ex wife; 1) for some reason he made a Will after marrying Wife-2 that left everything to his ex wife (pretty far-fetched, and probably open to challenge under the Inheritance (Provision for Family and Dependants) Act) 2) his ex-wife had some kind of charge (a debt) against his assets which had to be repaid before the estate was distributed, and swallowed up the estate (also seems unlikely).

    It's more likely that we are not talking about a wife but an unmarried partner.
    • comeandgo
    • By comeandgo 16th Mar 17, 4:35 PM
    • 1,715 Posts
    • 2,293 Thanks
    comeandgo
    In Scotland a divorce and marriage does not render a will revoked.
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