Provision for teenage children when both married parents die

sheramber

  Just a point.  Children become adults at 18 and  are entitled any  inheritance from that that date.
 You need to take professional advice. 

xylophone

You need to take professional advice. 

My post above.

MiddleEverything

The other thing is - think carefully about whether you might want to have a trust rather than mirror wills. Assuming that if one of you died the other inherits everything ... If the survivor remarries without making a new will and then dies, the new spouse gets all or most of everything
See www.gov.uk/inherits-someone-dies-without-will  
Or if the survivor falls out with the kids - it does happen - and remakes their will entirely in favour of spouse #2 and any new kids.
The people you are *now* might never do this, but illness and injury can change people a lot.
You'll need some sort of trust anyway (IANAL but I think so) as not all kids over 18.
Putting it another way, do the wills right and a survivor can elope to Vegas on a whim with a clear conscience (!)

AnotherJoe

MiddleEverything said:

The other thing is - think carefully about whether you might want to have a trust rather than mirror wills. Assuming that if one of you died the other inherits everything ... If the survivor remarries without making a new will and then dies, the new spouse gets all or most of everything

Answer to that is, survivor makes a new will rather than tying themselves up in trusts etc.

See www.gov.uk/inherits-someone-dies-without-will  
Or if the survivor falls out with the kids - it does happen - and remakes their will entirely in favour of spouse #2 and any new kids.

In which case, isnt survivor entitled to do what they want and change will?  Why be hobbled by a will written perhaps 30 years previously in memory of children who are very very different and perhaps unpleasant adults?

The people you are *now* might never do this, but illness and injury can change people a lot.
You'll need some sort of trust anyway (IANAL but I think so) as not all kids over 18.
Putting it another way, do the wills right and a survivor can elope to Vegas on a whim with a clear conscience (!)

The downside to that is that the survivor is then hobbled financially to the kids for the rest of their lives , which could be another 40 or 50 years judging by OPs post, tied to what they can and cannot do with the money, which they might need for all sorts of life events, good and bad.

My wife and I did actually have this arrangement of leaving our halves in trust to kids and then changed it precisely because we realized we didnt want to have to get kids permission to move house or need their say so to buy a particular place or downsize or whatever. 

Listmaker22

I thought I should post an update for others interested in this topic.
We appointed a STEP solicitor (about £500 for mirror wills).  It was worth the money as she asked questions we hadn't thought of and allowed us to discuss different options.  We have appointed my sister and our eighteen year old son as joint executors.  We have not mentioned guardians in the will, as our other children are fourteen (so they're not that young) - the executors can decide on their care if and when the time comes.  The mortgage term is coming to end in a year or so, so it will be paid off then.  We have also considered funeral arrangements and were advised to put these in a letter kept with the will (rather than in the will itself), although the will does mention whether our bodies can be used for the treatment of others, cremation and scattering of ashes.  Thanks for everyone's comments.

kangoora

Nice to have feedback, it quite rarely happens. Also glad you got yourselves sorted out with a proper solicitor, there are so many stories on here of troubles, especially with intestacy or home-made/will writer wills.