To ask how to protect inheritance

[7yo7yo]

Asking for my sister

Her DH (much loved) died 3 years ago.
She has found live with another lovely man but he wants more children and marriage. She wants to protect their inheritance from their dad. Including a house and money.
Anything earned following marriage would be split (her half between her kids and any subsequent children and his half between his children).
How would she go this?
They both agree it has to be done before marriage.
Is she bu to do this?

She’s not unreasonable to do it, though in her position I would only preserve the inheritance that came from her DH specifically, and add her share of assets which currently exist into the pot to be split between her current children and any further children she may have.

She needs a will which very clearly sets out who gets what. The easiest and safest way is to speak to a solicitor. They may also make recommendations about properties being held in trust etc for the existing children. Agree this should be done before marriage.

She is very sensible to want to do this. I would visit a good will writer of solicitor with knowledge of trusts etc.

Maybe ask in Legal

She needs to take professional advice in real life.

She can set up a trust. She needs the advice of a solicitor though as it can be complicated.

She needs to get a good solicitor.

Thanks all. She wants to protect it in the event of a divorce too.
They are both very pragmatic and want to more plan as much as possible.
To be honest her first DH was older and the vast majority of assets were bought into
The marriage by him but he would still want her to have something so not everything to the kids.

Very sensible and I would do exactly the same.

If she marries him without making this legal, and something happens to her, her kids would be entitled to nothing.

She needs a solicitor.

I used to do this stuff for a living 20 years ago.

In relation to inheritance, it can be done. Assets are either split ownership (not joint) or are put into trust. Unfortunately, if you don't do it right, the taxman will come knocking.

Divorce is more of a problem as the divorce courts are prone to treating everything as a marital asset first and asking questions later.

As others have said, she (and probably he) needs to see a good solicitor and have everything in place before they marry or have new children.

If you want personal recommendation then there is a very good will writer on here mumblechum - Marlow wills I think Is the name
Lots of mumsnetters including myself and my parents have had her do our wills

Even prior to covid it was all done over the phone and by post
I would get your sister to get in touch and lay out what she wants .

Be very careful.
We know someone who didn't include the fact the parents had to die before the children got the house.
At 60 the parents were evicted from their home as the children had mortgage the house and not paid.

You need Very good legal advice ( not free will service) it costs but worthwhile in the end.

My aunt (widow) met lovely widower. Each sold their own property and gave 50% to their own children before buying joint house making will that specified on their demise property would be shared equally by all children. After aunt died her husband changed his will (not illegal) and left EVERYTHING to his own children.

When I did my will I was told that if I did want to marry ( live with partner) that they could sort out my will to protect my assets

So yes she needs to take advice. Do you know how her new husband would take this at all ?

I admit it is a bit of a tricky area for myself

It's nice to hear he's in agreement.

@Camphillgirl

You need Very good legal advice ( not free will service) it costs but worthwhile in the end.

My aunt (widow) met lovely widower. Each sold their own property and gave 50% to their own children before buying joint house making will that specified on their demise property would be shared equally by all children. After aunt died her husband changed his will (not illegal) and left EVERYTHING to his own children.

This is exactly why you shouldn't have mirror wills if you want to protect your own children. My husband and I have different ones so that his children are protected when he dies and mine when I do

Most important the will needs to be done after marriage not before or as well as before

@Wiaa

Most important the will needs to be done after marriage not before or as well as before

It can be done before as long as it's done specifically in contemplation of marriage and with the correct wording

Definitely needs advice. Might need some sort of lifetime trust as well as in the will. Also make sure every scenario of who dies first is covered!

Great advice here thanks.
They are both in agreement and she wants him to protect his assets too.
He hasn’t got any DC yet.

@Camphillgirl

You need Very good legal advice ( not free will service) it costs but worthwhile in the end.

My aunt (widow) met lovely widower. Each sold their own property and gave 50% to their own children before buying joint house making will that specified on their demise property would be shared equally by all children. After aunt died her husband changed his will (not illegal) and left EVERYTHING to his own children.

That's sort of the point. As I said it's 20-odd years since I did this kind of thing on a regular basis. My preferred solution in this situation would probably be a tenancy-in-common of the marital home rather than a joint tenancy, with a gift to children with a life tenancy of the deceased's share in favour of the surviving spouse, but I haven't kept up to date on the tax situation. The gift to the children is probably better on death but there might be factors pointing to a lifetime gift with a joint life interest as a protection against divorce. You'd also need sole ownership of pre-marital assets and possibly also to provide for replacements to be solely owned.

Even though she may trust her intended completely, things do happen in families and perhaps older people can be more susceptible to being influenced -- when I was doing this work I was aware of a few people who had made quite a good living out of befriending lonely old people with no family so that the old people changed their wills in their favour and then died. As there was no family to object, no-one ever looked very closely at the circumstances . .

It's more than just wills as you may have to change the basis on which the house is held.

This will cost you money but remember that solicitors are qualified. Will writers aren't.

@7yo7yo

Great advice here thanks. They are both in agreement and she wants him to protect his assets too. He hasn’t got any DC yet.

He may be a lovely man, but just a word of warming.

The late Lynda Bellingham's (the Oxo mum, Loose women) husband "promised to look after her kids" from her £5million estate.

They got absolutely nothing.

They need a pre nuptial agreement.

She needs a good solicitor and accountant to give advice. The accountant because trust tax returns would be needed in some cases.

@iloverock

They need a pre nuptial agreement.

They need more then that.

Solicitor.

Consult two.

On the basis that one of them will be wrong .

Yes, so sad about Lynda Bellingham, what a foolish woman. I used to have a best friend like this. Living in la-la land.

Once you get married, whether you have a prenup, trust or anything else, it's extremely difficult to persuade the courts things aren't marital assets. They seem very keen to try and call everything a marital asset. I'm not a lawyer but I think she needs to really make sure this is watertight if she doesn't want to risk loosing some of her DC's inheritance in a divorce (not saying there would be one obv!)