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Original poster

How can I best protect Dad’s money?

36 replies

SpringingSpring · 03/05/2023 19:36

My DDad told me today he has bought a ring to propose to his girlfriend.

He is 73, a widower & has known her for approximately 6 weeks.

He is pretty wealthy by most people’s standards & talked today about getting a pre-nup.

I advised him that pre-nups are not legally binding in the UK so he said we definitely have some written agreement that she doesn’t inherit anything from his estate but would that his pension would automatically transfer to her in the event of his death.

Would a well written will stand up against a short-lived marriage if he died or is there a better way of ensuring his will is honoured?

OP posts:
viques · 03/05/2023 19:39

If he marries then any existing will is automatically revoked. He can make a will post marriage that would stand a better chance of standing up, but needs to do this properly using a good solicitor.

BeverlyHa · 03/05/2023 19:41

If he gets married and needs to go into care, his pension or savings will play for this, she will live on the rest of his money and the other relatives will get only parts of the house which will be sold once she died - might mean never. Not good

viques · 03/05/2023 19:42

Pensions only usually transfer to partners, civil partners or spouses. Sometimes to underage dependents, but I don’t think they would transfer to an independent adult . So yes a new wife would probably get his pension, or part of it.

prh47bridge · 03/05/2023 19:46

Whilst pre-nups are not legally binding in and of themselves, the courts will follow any pre-nup in the divorce settlement provided it has been properly drawn up, both parties received independent advice and it wasn't signed under duress.

He can make a will now in contemplation of marriage. That will still be binding after marriage. If he doesn't do this, any existing will is automatically revoked on marriage. As for whether it will stand up, that is down to whether his wife can make a successful claim that he has not made adequate financial provision for her under the Inheritance Act. He needs proper legal advice.

mewkins · 03/05/2023 19:48

viques · 03/05/2023 19:42

Pensions only usually transfer to partners, civil partners or spouses. Sometimes to underage dependents, but I don’t think they would transfer to an independent adult . So yes a new wife would probably get his pension, or part of it.

Pensions can be transferred to anyone you like uping death but you need to nominate who it goes to.

Original poster
SpringingSpring · 03/05/2023 19:48

Yes, think I’m going to suggest we go to a solicitor for advice re. Getting the will sorted that it is clear that she won’t inherit.

what about me having POA at this stage? Would there be any point in that?

OP posts:
viques · 03/05/2023 20:02

mewkins · 03/05/2023 19:48

Pensions can be transferred to anyone you like uping death but you need to nominate who it goes to.

Show quote history

Not all pensions , mine certainly doesn’t.

mewkins · 03/05/2023 20:03

viques · 03/05/2023 20:02

Not all pensions , mine certainly doesn’t.

Show quote history

Ah my mum has just done it for her workplace pension- not sure what type hers is though.

lampformyfeet · 03/05/2023 20:08

Are you in Scotland?
If so, as his wife she will have a right to 1/3 of moveable assets regardless of what his will says.

Original poster
SpringingSpring · 03/05/2023 20:19

We are in England

OP posts:
MsWhitworth · 03/05/2023 20:21

Yes, definitely get PoA now

MrsTerryPratchett · 03/05/2023 20:23

Is he typically insane?

Because I'd be worried about his MH getting married so suddenly.

blueshoes · 03/05/2023 20:25

POA does not trump matrimonial rights or the will unless you want to use it to pay all your dad's money and assets from your dad to yourself now. Doubt your father will agree.

drpet49 · 03/05/2023 20:27

MrsTerryPratchett · 03/05/2023 20:23

Is he typically insane?

Because I'd be worried about his MH getting married so suddenly.

He has known her for 6 weeks and has proposed? Madness, absolute madness. Foolish man

TheaBrandt · 03/05/2023 20:35

Yes will revoked by marriage but Problem is even if you do the will in contemplation of marriage / after the marriage if he doesn’t make reasonable provision in the will for the now wife she then has a pretty strong claim against the estate as a spouse.

PofA are useful but you can only exercise your powers on his behalf if he asks you to or he loses capacity. He is perfectly entitled to make daft decisions if he has the capacity to do so - as the attorney you can’t step in that scenario.

Just hope your mum did a life interest trust will so at least her half is protected for you...

mauveiscurious · 03/05/2023 20:37

Think about a trust that can give your dad an income but protect the capital for the family

blueshoes · 03/05/2023 20:39

drpet49 · 03/05/2023 20:27

He has known her for 6 weeks and has proposed? Madness, absolute madness. Foolish man

Show quote history

No fool like an old fool.

TheaBrandt · 03/05/2023 20:41

Why would he agree to a trust though? Unlikely

justbeingme1 · 03/05/2023 20:44

You mean protect your money

Paperbagsaremine · 03/05/2023 20:47

viques · 03/05/2023 19:42

Pensions only usually transfer to partners, civil partners or spouses. Sometimes to underage dependents, but I don’t think they would transfer to an independent adult . So yes a new wife would probably get his pension, or part of it.

Defined contribution pensions can be left to anyone.
Defined benefit pensions usually have an element that gets paid out to widows/widowers/dependents.

QuickGuide · 03/05/2023 20:48

mewkins · 03/05/2023 19:48

Pensions can be transferred to anyone you like uping death but you need to nominate who it goes to.

Show quote history

It depends what kind of pension it is. A DB pension doesn't pass to anyone, but would usually pay a pension to a spouse or dependent children. If you die without dependents, the pension is gone.

mewkins · 03/05/2023 20:50

QuickGuide · 03/05/2023 20:48

It depends what kind of pension it is. A DB pension doesn't pass to anyone, but would usually pay a pension to a spouse or dependent children. If you die without dependents, the pension is gone.

Show quote history

It must be a defined contribution pension in that case.

QuickGuide · 03/05/2023 20:57

It's his money. He's allowed to be stupid with it if he wants. What does he want?

Original poster
SpringingSpring · 03/05/2023 21:10

He is very foolish & apparently “besotted”.

He has said that he wants to do everything in his power to protect my & my sibling’s inheritance which is why I’m asking for advice here as I want to be armed with some information for when I see him again.

He hasn’t popped the question yet so I’m hoping she’ll say no.

Apparently she is “asset rich but cash poor” he mentioned previously that if he dies his pension will stop - I think he might see marriage as a way of providing for her without impacting his childrens’ inheritance but I’m worried that that (his wishes) won’t happen in the way he thinks it will.

OP posts:
justbeingme1 · 03/05/2023 22:50

He might live another 10 possibly even 15 20 years, she could in theory live with him longer than you did as a child. She could care for him and make him very happy. It's his money and it's just something you and your siblings may have to accept. Better that than him going into a miserable care home.
What makes you thinks she's an unsavoury character?

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