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disinheritance / second marriage well complications

(7 Posts)
artiface Mon 03-Mar-14 11:04:35

I've met a lovely man! Hooray! But of course things second time around can come with complications..
If two people remarry and both have children from their previous relationship (and they not intending having more children) what is the implication on inheritance?
One person has a wholly owned property worth about 360,000 and one child.
The other has a mortgage of about 150,000 and two children.
If they marry, my understanding is that the other spouse will inherit all unless a will is written. But if a will (and/or prenup) is written then is there an ideal situation that will ensure that the spouse who lives on can remain in the home but all children will not feel that they want their ‘share’ of the inheritance monies? Plus I've read some stuff that implies a will can be turned over in these circumstances and a child 'disinherited' due to the complexities of English law
My own dad lives on his old home but feels pressure (implied or real) to move and free up money for his late wifes children.
I hope that’s enough information and thank you for any suggestions or advice

artiface Mon 03-Mar-14 11:05:52

Oops! 'will' not 'well'!

CocktailQueen Mon 03-Mar-14 11:12:52

And situations like these are exactly why people in second marriages or with complicated families/children by more than one partner should make wills setting out exactly who should inherit what! And have them drawn up so they're watertight.

I'd agree with your new dh exactly what you want -often people agree that 'your' family money will go to your dc and vice versa.

If you die without a will, the surviving spouse will inherit all up to a tax limit of about £400k (from memory).

Your dad shouldn't feel pressure to move out of his house. Did his wife's dc inherit any money when she died, or are all assets tied up in the house? How old arfe they? Has your dad made a will? Can he sit down with his step dc and talk to them?

Check out - and there's lots of valuable advice on there regarding making wills.

CMOTDibbler Mon 03-Mar-14 14:53:27

You need to go to a solicitor and work through what you would want to happen. Theres all sorts of ways of doing things legally, but it needs to be done right and you have to talk about it

mrsnec Mon 03-Mar-14 15:11:51

Hi, there can still be issues even if the will is water- tight. My father died last year. He was divorced from my mother, his first wife, but also seperated from his second wife and he was living with a new partner. He sold the house he had with his second wife and split the proceeds equally so his estate was his share of the house as he died before he could buy a new home with his new partner. His will clearly stated his wishes. To split the estate between myself and my brother, his sisters and his new partner. As he didn't include the ex or her children and didn't get round to divorcing her she's contesting and has quite a good chance. I know my situation is different from yours op it was just an example of where things can go wrong and that in my experience the law favours the spouse.

artiface Mon 03-Mar-14 17:11:40

Thanks to everyone - I can see why lawyers are paid well!

mumblechum1 Wed 05-Mar-14 10:22:52

OP, you need to write a will including a Life Interest Trust. This protects the first person to die's share of the joint property by putting it into a trust for the eventual benefit of the children. The second person can remain in the property until their death or remarriage, and then it's sold and even if the second person's share passes to a new spouse, or is used up in care home fees, the first person's share is ringfenced.

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