Protection in the event of re-marriage/ new partner

0779mike

Thanks for everyone's comments.

I asked because my wife's mum, on her death, left everything (incl. a house) to her step-dad and subsequently on his death he left everything to a new partner that he taken up with. When the step-dad died that new partner scarpered with everything so my wife never got anything from her mum's estate, and it's not the financial loss but more that her mum would not have wanted this to happen.

Understandably my wife wants to ensure such can't happen to her estate/children,

RAS

In which case, make sure you own the house as tenants in common, usually 50:50. You each leave your portion to the children with a life interest trust (IPDT) allowing the survivor to live there during their life. The exact conditions are included in the will. 

That ensures that half the value of the house is secured for the children if the survivor remarries, or needs to sell to cover care home fees. There are specifics that you'd be wise to discuss with a STEP solicitor. 

The trust needs currently to be registered with HMRC within 2 years of the first death

Savvy_Sue

Grumpy_chap said:

I am not knowledgeable at all but there was a thread some while back where it was mentioned that the couple could write "joint" wills (not mirror wills).  The indication in that thread was that the joint will required both parties to be present to make a change and, obviously, if one party is deceased then they cannot be present and that prevents the survivor from changing the joint will.

I can only recall it being mentioned once in the forums.  I assume if it was as easy as it sounds in my recollection, it would be a common thing and the subject would arise more frequently.

Your aspiration sounds like a common one.
I assume, though, given the possibility of future offspring is mentioned, you are both quite young.  It is to be hoped you both have long lives ahead, but the whole context of your OP is that one of you may cease to be prematurely and the survivor may have another 40-odd years beyond that eventuality.  
Without considering writing out the children, I can see difficulties in an individual being bound for that period of time by the "joint" will (if such a thing can exist).

As others said, this seems to be a case where legal advice is pertinent.

Not joint wills, but 'mutual'. They're not common, and they come with their own pitfalls, for example if there was a good reason for the survivor to change their will because of a change in circumstances (their own, or those they are making bequests to), they'd be unable to do so.

An easy example: you each leave 22 Acacia Avenue to Fred and the rest of your estate to Freda in a mutual will. However, after the first one dies, 22 Acacia Avenue is sold. Freda gets the lot: the survivor cannot change this. Now, granted a half decent solicitor would ensure your mutual wills were as future-proofed as possible and took such possibilities into account (eg by stating that 'the house' goes to Fred rather than a specific house), it's a quick and easy way to point out why there could be problems. 

Perhaps a better example: the survivor is widowed young, and goes on to have another child. They CANNOT change the mutual will to provide for said child. I know this is exactly what the OP wants to avoid, but is it right? 

What the OP can do is to leave some of their estate to their own children on death. If that's possible it would certainly be the easiest option! But legal advice is definitely required. 

BungalowBel

My husband and I own our bungalow as 50-50  tenants-in common and on the first death our son inherits the deceased person's 50% in a trust; the surviving partner has the right to live there for as long as they wish.  Then on the second death, our son inherits that 50%, so the property is his absolutely (unless of course the surviving partner alters their will, but our son would still have 50%).

The property does have to be owned as tenants-in common before you can do this.