How do I protect an inheritance?

[vickyfowler]

We are in Scotland

I am potentially going to inherit a property that I have zero interest in keeping so it will be marketed as soon as possible. DH has 2 (adult) children who I absolutely do not want to benefit from the proceeds of this property. We also have adult DC together. If there any way to ensure his DC have no claim on the money in the future?

Spend it then.

I want to be able to have the money though, not give it away

That’s absurd, I don’t want to spend the whole amount and neither should I have to. I was just looking for advice on whether or not I can safely have it without DHs adult DC ever having a claim on it (obviously if I die first I can’t control that)

Then just spend it all before you die!!

Spend it if you don't want anyone else to have it. If you die first your DH and your joint children will get shares of it. His children won't automatically get a share. You could make a will to decide who gets what, but I think in Scottish law children always get a share. Talk to a lawyer?

I don’t know what they are, I don’t know much legally as you can probably tell but essentially my question is whether or not my money becomes of the marriage or if I can protect it somehow

Are they your stepchildren? Did you bring them up with DH?

O don’t want to spend it all but my question is of DH does first would the money be considered his as well as mine for the purpose of the legal entitlement of his children. I don’t care if they get a share of if I die second, I just don’t want to have to give them any of my money while I am alive as I would want to enjoy it. Spending it would’ve batshit. Having it I to old age would be brilliant.

Well they are my step children because I married their Dad. I didn’t have anything to do with bringing them up.

the law in Scotland is different to England, an inheritance does not become marital property ( either through death or divorce) unless you transfer it into marital property ie you pay off the mortgage on a property you an DH own in equal shares

the law about children inheriting is your own biological or adopted children not step children
it also only applies to moveable assets such as cash pensions cars antiques jewellery investments etc (so a house is not a moveable asset but once transferred to money in any form it is)

so when you die your own children are entitled to a third of moveable assets between them so if you have 2 kids that is 16.6% each, your Dh is also entitled to a third ( which will according to law pass to his children if not spent) and you can will the remaining third as you please

Property and land and houses are different

when DH dies his moveable assets will be shared between all his children

This is the key question. Is your inheritance considered yours only, under Scottish law, or an inheritance into the marriage?

Surely if you die first, your DH is going to split whatever is left of your estate together to all 4 kids anyway when his time comes. There's nothing legally you can do to avoid this.

If you are married and you have money in any account, whether your name is on it or both of yours are, you still have to declare it in the event of a divorce. If he were to divorce you, he might be able to stake a claim on the money as marital asset if he goes for a 50/50 split or similar.
Worth looking into divorce as well as wills.

You definitely need to speak to a solicitor so you can discuss your situation, tell them what you want to achieve and they will give you advice. You'll get a range of opinions on here that aren't legally accurate (including mine!).

You are going to get so much differing advice on this thread OP. You need cast iron legal advice, from a Scottish solicitor.

Thank you, so my money would be my money and not considered marital property? That is all I really wanted to know, obviously I will speak to a solicitor when the time comes but I have been worrying in case the money was considered his as well as mine and he does first, as I definitely do not want them benefiting from my inheritance while I am still alive. If I die first the money is all his and they will get a share - I don’t care about that though.

Yes and when the time comes I will see one, I am grateful for all replies anyway

If you were to die, they will have no claim on your moveable assets but if you then left cash to your husband, when he died they would have a claim on his assets via legal rights. Also the amount of legal rights is 1/3 of the moveable estate - and they can’t take both legal rights and their willed inheritance.

Similar position here. The money is in my name only.

my understanding is that you can leave the money to whomever you choose. If they are not your children you do not have to include them.

assets only become “marital” when considered for a divorce split. Death each persons individual assets are theirs alone.

for the “treat stepchildren equally” bit, that can look different depending on set up. My stepchildren and children should inherit roughly equal amounts- stepchildren will inherit the home that dh and their mum bought and he signed over in the divorce. My children will inherit my house.

I believe if you divorce after receiving the inheritance it would likely be considered mutual money and divided. Then he could give it to his kids. If you are staying together however then you can just keep it and will it wherever. You can’t leave out your kids but stepkids have no rights. You just need to bear in mind anything you give him he can give them.
How would he react to you keeping the money to yourself?

I’m not at all concerned about divorce.

He doesn’t want them to have any of it. I would not be keeping it to myself though. We are married and obviously the money would be used for ‘us’ - I’m not trying to prevent him from having it in any way, just his children

I would be more concerned about what happens to the money if you divorce…

When my friend divorced her husband he was not entitled to any inheritance she had. She is in Scotland and was told he could have no claim on an inheritance.

It’s ok, I’m not remotely concerned about divorce.