Writing a will - advice would be greatly received second marriages

getmore4less

Robert_McGeddon said:

Another point for consideration - if your combined assets are over £1M (and it does look that way) you will jointly leave your beneficiaries an Inheritance Tax bill. It could be substantial. You may want to consider some estate tax planning along with your Wills. Could be from solicitor but an IFA or tax accountant might be preferable. If this were, for example, to involve gifting of some assets now then obviously it would impact on how the Wills are prepared.

I thought that then looked again £600k is 2 life policies which should fall outside the estate and can be kept out  for second death if needed.

If the OP was widowed(rather than divorced) there is an extra set of nil rated bands available which would need optimising. 

Robert_McGeddon

getmore4less said:

Robert_McGeddon said:

Another point for consideration - if your combined assets are over £1M (and it does look that way) you will jointly leave your beneficiaries an Inheritance Tax bill. It could be substantial. You may want to consider some estate tax planning along with your Wills. Could be from solicitor but an IFA or tax accountant might be preferable. If this were, for example, to involve gifting of some assets now then obviously it would impact on how the Wills are prepared.

I thought that then looked again £600k is 2 life policies which should fall outside the estate and can be kept out  for second death if needed.

If the OP was widowed(rather than divorced) there is an extra set of nil rated bands available which would need optimising. 

I posted as an alert to maybe include IHT planning along with the Will considerations - I would do so in the OP's shoes. It was a deviation fron the OP's original post, made because there is potentially a fair wedge of IHT at stake.

I was looking at:

Residential property worth £400,000.00 (his share) gifted to me (so £800K total if held 50/50)
Business assets gifted to me at present £300,000
His second home gifted to his daughter - value approx £80,000
Savings account he holds for his daughter which has 25,000
CSA provision  approx £37,000.00

Perhaps if the OP wants this forum to consider IHT implications she could open a new thread with firmer numbers.....

esmy

When you see the solicitor, I suggest that you explain your husbands proposed adoption of your youngest as this affects any inheritance she might receive from birth Father and his family. 

theoretica

Bousfield said:

If I die first my kids inherit my life cover and then my husband  will re-write his will ...

Don't do this - get it into the will now as an if... then...  otherwise rewriting the will becomes one more thing to do after bereavement and easy to forget or postpone. 

Bousfield

Thank you for all your advice.....I now have some good notes to put to our solicitor next week and will also ask if it is worth speaking to an estate planner/tax planner. I will consider my youngest daughters position in regards to the Will now it has been pointed out that my husband my not re write his Will on my death. Maybe we look to gift before our deaths ??? questions i will ask our solicitor. (my first husband deceased hence the adoption) 

If anyone had endured  the last 7 years of hell, like we have from an from an ex ... I would not call it trivial. The power of an ex wife with a dependent child is under estimated. I have recently found out that if my husband died now, without a will in place, she can actually seek to be appointed as a trustee (on behalf of her daughter). This would be my worst nightmare. I wont go into the vile and pure evil stunts this women has pulled over a 5 year period in divorce, custody and CSA court battles (all of which she lost) but it does show her power for having a dependent child. And the ugly side of money and greed. It would be no different on my husbands death in fact probably worse.

Lets hope we both live long and happy lives and see our children all settled and grown up , getting the right Will in place now will just help us do that. 

getmore4less

AS you have confirmed you have a deceased spouse that means you have some or all of their nil rate bands  transferable to you

that add complications.

The maximum uplift is 100%, if your current hubby was to die first it will be better for him to use up any excess of his nil rate bands by passing at least that amount not to you 

Not sure on the rules if you die and have the first husbands nil rate bands can you use those and transfer yours to new hubby.

Aranyani

Bousfield said:

I have recently found out that if my husband died now, without a will in place, she can actually seek to be appointed as a trustee (on behalf of her daughter). This would be my worst nightmare. 

Why does this surprise you?  Who else would be better placed to act on the child’s behalf than her mother? 

It’s funny how many ex wives turn ‘evil’ after their husbands decide they don’t want them anymore. 

badger09

Bousfield said:

It is such a complex situation. 
I maybe haven't explained too well but my husband wants a clean break for me from his daughter and ex wife , if he was to die anytime soon. His ex wife causes us so much trouble and he knows she will hound me on his death to give his daughter her inheritance. She wouldn't be waiting until I die. She would make my life a living hell.  By leaving his daughter other assets in his will (should he die first) and no shares in our residential home, will mean I can have a clean break. He then expects me to write a new Will leaving the house and whatever money I have left to my kids. So they would inherit from me.  His daughter wouldn't be in my new Will,  we would be estranged but this would mean she was not dis -inherited as she would have received a substantial amount from my husbands will. 

If I die first my kids inherit my life cover and then my husband  will re-write his will to include my youngest daughter (adopted) 50/50 with his. My older 2 he may leave a small proportion too but I don't expect this. That would depend on his relationship with them after my death. 
This is my husbands thinking. Trying to ensure his daughter has inheritance without tying her to me. This is based on our current situation. (if his ex wife dies before either of us then it would change it all again). 

I have made an appointment next week to discuss with a solicitor. Hopefully they can advice 

Please make sure this solicitor is STEP qualified as per xylophone's earlier post. This is far too complicated for the 'average' solicitor