Inheritance

[lululu16]

Hi all,

Thanks for taking your time to read this, I will try to keep it clear and short!

I am married and am receiving inheritance from my grandma probably towards the end of the year.
My family and I would like to keep this money in my side of family e.g if me and my husband split that the money would not go to him and go to our daughters, or if I pass away that the money will also go to our daughters. Is this possible? And should I get something written up before I receive the money? Not sure how it all works!

Thank you

I'll be completely honest, if you swapped places with your husband and like you feel happy about this? I would feel very betrayed, you are married so you are supposed to share.

Not sure why you got married if you are plotting to exclude him from inheritance to be honest

We don’t know your circumstances.
seek legal advice about placing the money in a trust for your children.
Disadvantage is it is then locked away and you can’t access it.

In a will you can leave anything to whoever you want.
In a divorce it's usually 50/50 .

Do you need the money? If not put it in trust for your daughters.

If you are wanting it separated for your kids then it would be a trust fund.

Are the kids not his? If they are, how is that keeping it in ‘your side of the family’.

We have this exact issue

We are using trusts to ensure that family money stays.....family money.

How much is the inheritance?

I am also confused about why your family gets a say in this at all.

How will you do this, unless you don't spend it? If you don't spend it then why not put it in a trust for your dc straight away.

A lot depends on your financial position. If you're not well off and the money will change your lives for the better. Then it means you'll spend it, and it's far harder to set aside assets in a divorce, it's 50/50. If you're financially stable and don't need the money, just give it to family members and trust funds for the dc

I think it will be difficult to keep separate as the starting point in a separation is everything 50/50. I used my inheritance to pay off the mortgage on our house. Personally I think if you’re married you share everything.

“My DH is due to get an inheritance at the end of the year. Thing is, he and his family want to do something to make sure that the money stays in their family and to ensure I don’t get any of it even if he dies.”

I can imagine the responses, the first of which would be LTB.

If you detest your husband so much why not just divorce him before this inheritance comes through, that way you can keep it all to yourself.

And like fuck would I stand for my partner’s family telling him what to do with his money.

So yeah, put it in trust by all means, but only if you’re prepared for the possibility your DH might realise that he means so little to you and leaves.

I’m sure inheritances are protected and are not counted as marital property if you were to divorce. I remember this from a friend who was getting divorced from her husband.

however I would probably put x amount in trusts for my children kept until they are 21 and keep as much as I think I would need to live.

It'll be your money so your family shouldn't get a say in it.

How does your husband feel about this? Do you need the money now?

Are there problems in your marriage hon, do you think divorce is a prospect for you both? You can leave the money to your DC via a will if you die. So the issue may be if you divorce.

As PP say, the way to ensure your grandmother’s money goes to your DDs would be to skip you entirely and put the money in trust for them now.

As you are married, if you receive money then get divorced the inheritance would (usually, there may be some exceptions) become part of the marital assets, so divided between you and your husband.

If you died, whatever your will says is what would happen.

Have you discussed this with your husband? It would be advisable.

www.divorce.co.uk/your-finances/inheritance

Is he not part of your family? I think this is bizarre and wrong.

You need legal advice. This is not an unusual situation. My understanding is that inheritance stays with the person who inherited it unless and until they put it in the family pot even during divorce.

So if you paid off the joint mortgage put it in a joint account it is absorbed and becomes a family asset to split 50/50 when divorcing. If it remains in your sole name account you can save, spend, invest, gift as you please and whatever is left when you divorce remains yours.

Get some legal advice. You have every right to do whatever you want with YOUR inheritance. If your DH judges you on that then LTB.

I don't think it's automatically a morally bad thing to consider. It's not the same as assets that are built up during a marriage.
Families have been trying to keep money in bloodlines for centuries.
I think this is a question for someone legally trained though and not mumsnet

Talk to a solicitor. The best way to do this might be to skip a generation as someone has already suggested. This needs to be done before you receive the money. Alternatively you can put it in trust for your children after you have received it but this may work out more expensive.

There are different rules about inheritances in divorce in England and Scotland (and anywhere else) so please be aware it may be split 50/50 if you receive it.

This is the legal section but posters are answering as though it's AIBU 🤦🏻‍♀️

What if your daughters divorce too when the time comes?

I presume you're talking significant sums otherwise is it worth the upset?

Do poster/s saying" family money staying in the family " mean one generation passing it on to the immediate offspring ,cutting out any marital partners ?

Does that mean inherited wealth passing down through a female or male line ? If so ,where do you trace the inheritance back to ?

Its interesting you feel you have to ask this and its not something you can discuss with your partner. I look at inheritance as going from the parent to the child - so while legally a wife could claim it I have told my husband in our relationship any inheritance he gets is for him to decide on. I personally think its wrong the law does not ring fence the money for the child who inherits. I get income and winning lottery - but inheritance is a gift from a parent to a child so I see it differently.

You're married. That means sharing unless you have a prenuptial that says otherwise.

Not true