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Updating will to include new husband when you already have children(7 Posts)
I wrote my will when I had a newly exH and 2 children. Everything went to my DC.
Since then I've remarried and had 2 more children. I know I need to get my will amended but I was wondering how can I write a new will and still protect my first two DC's inheritance while at the same time ensuring it is fair to my other two DC and my husband. I don't think for a second he would do them out of their inheritance but I do feel the need to legally protect it.
It seem complicated in my head - how do you split an estate in these circumstances?
It's actually pretty easy!
When you married, your old will was automatically revoked which means that your husband may receive everything on death, so you do need to make a new will including a life interest in possession trust.
I have an article on how these trusts work (it's a bit lengthy to go into in a post), if you PM me I'll send you the link.
Essentially, though, the trust would safeguard your interest in your home for the eventual benefit of the children, but your husband would be able to remain living there until his death or remarriage.
I normally include a portability clause in case the surviving spouse wishes to downsize.
You may wish to split your share of the house in unequal shares of your younger children are still dependent and need more, especially if the older ones are likely to inherit from their father.
Or the other way round - first children's father might not have a bean and new husband does so more to the first children than the second perhaps. In fact if they are adult you might want the house sold if you die and half to go to your first two children and the other half to the remaining two with their father or anyone else you choose as trustee such as your siblings.
Thanks for the replies.
So does it essentially work that no one gets anything until DH dies and then whatever part he inherited from me gets split however I have chosen in my will or the trust? Or have I got it completely wrong?! I shall PM you Mumble
Age gap isn't massive between children; eldest is in yr7 and smallest is almost 2. So they'd all need provision for a fair while yet.
Wouldn't want the house to be sold on my death though as we're hopefully about to start our self-build soon (which reminds me I need to post another thread) and it's supposed to be a forever type thing.
I'd suggest that the life interest in possession trust applies only to the house; that way, the survivor of you receives cash/shares etc outright.
So say your house is worth £500k in equal shares and you have £50k each in the bank/in shares. Let's assume that you die first (sorry!). Your share of the house goes into trust and your husband continues living there until he dies or remarries at which point your share of the house goes to the children even if your husband has changed his will giving their own share to someone else.
You give your residuary estate (ie everything except your share of the house) to your husband under your will so that he has enough to manage running the house and caring for the children.
I usually include a portability clause in the trust so that the survivor can move/downsize and also I specify what happens to any surplus left over if the move is to a cheaper property (your share should go to the children).
Okay, that makes sense, thank you.
The residuary estate - that part I think I'm still unsure about. If DH was left all of that then yes he'd be able to ensure caring for his children - what about my older two DC? They'd be living with their father on my death. So would I just half say my life cover/pension death benefits (I wish I had shares ) and DH gets one half and the older two have theirs in a trust managed by their father/guardian?
As an aside at the moment my sister is named as their guardian - could DH be named it as well as her now?
I just need to get on and make an appointment really don't I?!
I just need to get on and make an appointment really don't I?! - yes you do!
But in the meantime, to answer your questions, I suggest that you talk to your pension/life insurance providers about changing the nomination of beneficiaries under your policies so that the money is divided as you consider fair. The policies will almost certainly be written into discretionary trusts which means that they don't fall within your estate and aren't dealt with by your will. This is so that they don't attract IHT.
So far as guardianship goes, yes, you can appoint your dh as guardian of your elder two in the event that their dad also died before they were 18.
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