How to protect kids inheritance if I die first

givememoney

We have wills DH and I leaving everything to each other then the children after our deaths.
Should I die and DH remarries how could I protect the kids inheritance. I realise his will would become void and if he didn’t make another the new wife would benefit to tune of £250,000.

Alikay

We each own half of our house as tenants-in-common, so have each left our own half to the kids, but with a lifetime interest in it for the remaining partner. Cash or shares etc could be left to the children directly, though we've chosen not to do this as we'd like the remaining partner to have a bit of fun with it to compensate for being widowed!

Our children are adults though, and the children of our marriage...it gets much more difficult if they're dependent on you (either through age or disabilities) or if they're step children.

pickledonionspaceraider

Alikay wrote: »

We each own half of our house as tenants-in-common, so have each left our own half to the kids, but with a lifetime interest in it for the remaining partner. Cash or shares etc could be left to the children directly, though we've chosen not to do this as we'd like the remaining partner to have a bit of fun with it to compensate for being widowed!

Our children are adults though, and the children of our marriage...it gets much more difficult if they're dependent on you (either through age or disabilities) or if they're step children.

This explains it rather than the long rambling post I was trying to concoct hahaha

This whole subject really terrified me and I wanted to get water tight on ours a few years ago

givememoney

What happens though if say my husband dies. Could our children force me out to get their share and say being by myself I might want to move.

pickledonionspaceraider

givememoney wrote: »

What happens though if say my husband dies. Could our children force me out to get their share and say being by myself I might want to move.

Do you think that is realistic, that your kids might force you out to get their share?

In our Will, the kids cannot force the survivor out/nor force a sale, say if i die first, they inherit my share in trust - but husband has right to stay there til he dies. Then the house becomes the kids, or at least my half does

If husband wanted to move, he can, but he has to get signed authority from the kids to be able to sell - and then the same rights apply to the new property

Keep_pedalling

givememoney wrote: »

We have wills DH and I leaving everything to each other then the children after our deaths.
Should I die and DH remarries how could I protect the kids inheritance. I realise his will would become void and if he didn’t make another the new wife would benefit to tune of £250,000.

They are his children as well do you not trust him to protect their inheritance? If not do you think he feels the same way about you? If that is the case then you both need new wills that put your sole assets in trust for your children, so see a solisitor.

If you are both aware that a second marrage will invalidate any existing wills then you should both make sure that part of the wedding plan should be to make a new will in contemplation of marrage.

If you die intestate in England or Wales your spouse gets the first £250k and 50% of everything above that.

givememoney

Keep_pedalling wrote: »

They are his children as well do you not trust him to protect their inheritance? If not do you think he feels the same way about you? If that is the case then you both need new wills that put your sole assets in trust for your children, so see a solisitor.

If you are both aware that a second marrage will invalidate any existing wills then you should both make sure that part of the wedding plan should be to make a new will in contemplation of marrage.

If you die intestate in England or Wales your spouse gets the first £250k and 50% of everything above that.

Actually although this would apply to me and DH what has prompted this, is my Brother-in-Law lost his wife in October after 42 years of marriage and is now dating. I was actually thinking of his children and the consequences financially should he re-marry.

You and someone else question the fact of trusting your children. I do trust ours but just recently a neighbour who adored her one and only child, her daughter, has fell out big time and this has cause no end of trouble, plus I've heard of other instances, I would say, never say never.

You mention the surviving partner making another will if they were to marry. Can you actually write it up to leave the property to the children and exclude the new wife?

Thanks for your comments by the way.

Comms69

givememoney wrote: »

We have wills DH and I leaving everything to each other then the children after our deaths.
Should I die and DH remarries how could I protect the kids inheritance. I realise his will would become void and if he didn’t make another the new wife would benefit to tune of £250,000.

Sorry, but it's his to leave to whomever he wants at that stage...


You can set up a trust and whatnot; but doesn't feel right to me to dictate.

Keep_pedalling

givememoney wrote: »

Actually although this would apply to me and DH what has prompted this, is my Brother-in-Law lost his wife in October after 42 years of marriage and is now dating. I was actually thinking of his children and the consequences financially should he re-marry.

You and someone else question the fact of trusting your children. I do trust ours but just recently a neighbour who adored her one and only child, her daughter, has fell out big time and this has cause no end of trouble, plus I've heard of other instances, I would say, never say never.

You mention the surviving partner making another will if they were to marry. Can you actually write it up to leave the property to the children and exclude the new wife?

Thanks for your comments by the way.

The usual approach in those circumstances, is to leave at least part of your estate to your children, and if this involves a house you can leave your second spouse a lifetime interest in the property, which means the children take ownership on her death or earlier if she no longer needs it e.g. when moving into a care home.

silvercar

Problem arises if the surviving spouse wants to move home; he/she needs the children's agreement as they own half the property and they may prefer a payout but the spouse may want a home of similar value.

Alikay

silvercar wrote: »

Problem arises if the surviving spouse wants to move home; he/she needs the children's agreement as they own half the property and they may prefer a payout but the spouse may want a home of similar value.

This was a problem for my mum's friend - she had to move out of the family home (small semi) as she was unhappy there after her DH died in it, but kids wanted their half. There wasn't enough left after dividing cash for her to buy anything. She was lucky enough to get a housing association flat in my mum's "oldie's complex", but wouldn't have been so lucky in another area with less social housing availability. Caused a massive rift between her and her offspring too, which is sad later in life and whilst grieving