Advice about Wills and step children please.

zzzLazyDaisy

RAS wrote: »

Do you realise that if the survivor marries, then the will is invalidated by law and the bulk of the estate goes to the new spouse?

Yes, but it is always the case that marriage invalidates any earlier wills.

The only way round that is either to put the money in trust so the surviving spouse has the house and/or interest on the money but can't touch the capital which will then automatically go to the children OR to trust the surviving spouse to make an appropriate will if/when they remarry.

We decided against tying the money up in a trust because we never know what is round the corner and while of course we wanted to see our children okay after we were both gone, we felt that the most important thing was to make sure we would each be okay on the death of the other, and we trusted each other to do follow the wishes in the will regarding the children.

(It's all academic now, though, as we later got divorced )

Savvy_Sue

moralissue wrote: »

I wonder if it would be worth while if we wrote our own (using online guidance/wording) and then take that to a solicitor to check and witness? Saves alot of hassle of them wanting all the details etc for them to type up etc?

I wouldn't bother with the online wording: that is what you are paying the solicitor for, and if they have to re-write it they are less likely to let anything 'slip through' which is wrong than if they are copying what you wrote. However, time spent working out what you want, and your reasons, would be well spent.

You can also do a 'letter of wishes' to go with your will, which I think is where you say "I know I've only given Fred £100 and Freda £1000, but this is because ... "

It's not binding, but if you trust your executors then they should do as you ask.

BTW, one obvious disadvantage of leaving a % is that the amount can't be finalised until the estate is settled. Also if you are leaving anything to charity, the suggestion is to make it a fixed amount rather than a %, because the charity trustees may (be seen to or actually) hassle for eg a quick sale of the house or what their % is expected to be. So think on that, too ...

zzzLazyDaisy wrote: »

Yes, but it is always the case that marriage invalidates any earlier wills.

<snip>

(It's all academic now, though, as we later got divorced )

And divorce also invalidates a will, doesn't it?

zzzLazyDaisy

Savvy_Sue wrote: »

And divorce also invalidates a will, doesn't it?

I'm not sure what your point is? (Sorry, it's late and I've had a glass.....)

Since divorce also involves sharing out the financial assets, we both made new wills anyway, as the original purpose of the wills had been superceded.

Susan_Frost

If you leave your monies to "each other" then the surviving spouse will have a much larger estate when they die, which may mean having to pay inheritance tax. Registering your house as Tenants in Common (I think that is the phrase) at least means the first person to die's half is taking into consideration for IT at that stage and cannot be taken into account again.

I'm no legal expert.

You do need to change your solicitor as s/he is not doing you any favours, and does not seem to be pointing out basic stuff. My will cost £115 and I got lots of advice and legal threads pointed out to me. Worth the money.

Savvy_Sue

zzzLazyDaisy wrote: »

I'm not sure what your point is? (Sorry, it's late and I've had a glass.....)

Since divorce also involves sharing out the financial assets, we both made new wills anyway, as the original purpose of the wills had been superceded.

sorry, my point was that just as you need to make new wills if / when you get married, you need to make new wills if / when you get divorced. Yes, the current financial situation is 'shared out', but you are then 'intestate', ie you don't have a valid will.

And while that means your now ex won't get a bean (which they will if you die BEFORE the divorce has gone through), it could mean that relatives you wouldn't want to benefit could do so.

is that clearer? It's even later, and I've just had my drugs ...

Mojisola

Savvy_Sue wrote: »

sorry, my point was that just as you need to make new wills if / when you get married, you need to make new wills if / when you get divorced. Yes, the current financial situation is 'shared out', but you are then 'intestate', ie you don't have a valid will.

And while that means your now ex won't get a bean (which they will if you die BEFORE the divorce has gone through), it could mean that relatives you wouldn't want to benefit could do so.

is that clearer? It's even later, and I've just had my drugs ...

This is worth pointing out - and I'll add that separation without divorce is another life change when you need to consider your will. Some couples don't pursue divorce and that leaves them as next-of-kin and a current will stays in force and, if they don't have wills, they will inherit from each other through the intestacy rules.

There was a thread recently about a couple who had been separated for about twenty years and, when the wife died without a will, the estranged husband inherited everything.

zzzLazyDaisy

Susan_Frost wrote: »

If you leave your monies to "each other" then the surviving spouse will have a much larger estate when they die, which may mean having to pay inheritance tax.

Since the change in the law, this point is now less important as the surviving spouse also inherits any unused IHT allowance from the first spouse (although it is worth checking if they keep that allowance on re-marriage)