Slightly morbid question about inheritance

[colaiced]

At the moment, I am not married and am unsure whether this might be better.

I own assets that outright are worth around £150,000. Obviously I would like to leave to DC. I also have a pension payout which I’d like to leave direct to Dc.

If I marry, DH would automatically inherit, but then if he was to remarry, my children would miss out.

Is there a way of safeguarding assets to avoid this? I know it’s a somewhat cold question but well, death is natural!

You need a will. You can choose to leave outright assets straight to the DC (fgs do it in trust til they’re a sensible age). For joint assets (eg a house) you’d need a Trust will to leave your share to the DC while also protecting DH’s stability and interests.

Thanks covered and yes to sensible age (55?!)

Pension will be handled separately - check your scheme terms and ensure you’ve completed (and returned!) an expression of wish with the pension provider, naming the DC.

Not morbid in the slightest! Go to a solicitor, get advice and write them to write you a will. It's totally normal to want to protect your children's position in the event of your death.

Thanks covered and yes to sensible age (55?!)

I’d be tempted for mine 21 or 25 are probably most common these days. I personally wouldn’t consider 18 but it’s down to individual judgment and preference.

Thanks! I was concerned that despite a will a spouse might override it? But no? ( just checking!)

You make a will subsequent to your marriage which states your DC should inherit X and Y and your DH Z. If you own a home you can create a type of Trust in your will that allows your surviving spouse to live in it for their lifetime whilst ensuring that the underlying capital in the Trust is preserved for your children.

I agree, I was an idiot at 18!

And yes to a solicitor or professional will writer (eg Coop Legal). Don’t be tempted to do this off your own bat if you’re in any way unsure of what you’re doing; too easy to make a minor error that could upend things. And review at every major life event and regularly (eg every five years).

Thanks! I was concerned that despite a will a spouse might override it? But no? ( just checking!)

Not if the will is written properly.

@ComtesseDeSpair

You make a will subsequent to your marriage which states your DC should inherit X and Y and your DH Z. If you own a home you can create a type of Trust in your will that allows your surviving spouse to live in it for their lifetime whilst ensuring that the underlying capital in the Trust is preserved for your children.

This is the important bit. Must be after the marriage as the rights of marriage WILL override the will as I understand it.

You can specify wishes in a will but they aren't legally binding.

If you leave money to your spouse/partner, what they then do with it is up to them. So if you want money to go to children, you specify it at the time.

We did our wills a couple of years ago, and I was slightly aghast to realise this.

This is the important bit. Must be after the marriage as the rights of marriage WILL override the will as I understand it.

Yes - hence why it’s absolutely vital to review any will at every major life event and also regularly aside from those.

Even if you have a will, a crafty & cunning surviving partner can still find ways of circumventing you wishes and cheating your children out of their inheritance, as another thread on here ATM shows.
So make sure your will is watertight, preferably distributing your wealth to your children immediately on your death. No trusts, or giving lifetime use/interest in property, to the surviving spouse.

@AdaColeman

Even if you have a will, a crafty & cunning surviving partner can still find ways of circumventing you wishes and cheating your children out of their inheritance, as another thread on here ATM shows. So make sure your will is watertight, preferably distributing your wealth to your children immediately on your death. No trusts, or giving lifetime use/interest in property, to the surviving spouse.

Not if your will is written correctly!

Re spouse - answer is: It depends. That's what a solicitor will advise you on. In Scotland, if you don't have a will, the surviving spouse is entitled to "Prior Rights" and also "Legal Rights". Where there is a will, only Legal Rights apply. Where there are children, the surviving spouse is entitled to "Legal Rights " of one third of the deceased spouse's moveable estate, ie excluding land and buildings. That's a really condensed explanation - and English law may be different. A solicitor would explain all the implications for you and your situation in full.

Is it possibly better then to remain unmarried?

@Sleepingboy
Read my lips,
So make sure your will is watertight

I've set up a family trust which means all my assets are in trust for my children.

If I die before my youngest is an adult, my partner can continue to live in the house and care for the children. When my youngest reaches the age of 21 they can sell the house, if all the children agree and split the profits or they can continue to live there for as long as they like.

My DP cannot have another woman in the house. He will not inherit any part of the estate and he has a grace period of 24 months to find another home when my youngest turns 21 (unless they sell up straight away)

If any of my children marry, none of their spouses will be entitled to inherit anything. Basically all assets and money stay in the family trust.

You must do the will after your marriage. Me and DH had wills and had to redo them after marriage (even though nothing had changed in the content of the wills).
Re getting married: I assume it also helps with making medical decisions etc? As a partner you have no rights.

Yes, there seem to be advantages and disadvantages to both. It’s simply that with the best will in the world I don’t know many widowed men who remain single, and I would hate children to be without a mum and without financial support.

You need to speak to a solicitor and also make a will and remake it if you remarry. I am not sure why you think if you remarry your husband would get everything. You can still leave a will leaving everything to your children

I’ve never been married chloe, not sure what you mean by remarry?

Even if your will is made by a solicitor, you cannot specify what happens to monies after your spouses/partners death. You can only enforce things legally in your original will and at the time of your death.

DH's mother died young, and her house/life insurance payout went to DH's stepfather (stepfather had moved into her home that she'd bought outright with her divorce settlement from DHs Dad). He threw DH out within weeks of his Mum's death (he was just 16), and moved another woman in less than 6 months later. When he died last year, he left everything to this woman and her children, even though DH's Mums will had specified her wishes that it would go to DH and his sister on stepfather's death.

A solicitor told DH and his sister that they could object to the will but there was zero guarantee that they'd get anything from doing so.

You can make a will “in anticipation of marriage”, which doesn’t need to be rewritten in the event of your marriage to the named individual, within a reasonable time period. But you definitely need to get legal advice.