Large inheritance and husbands children

[obiecheck]

Hello,

I am due to get married this year. My parents are separated but both are wealthy. I expect from my mum alone, when she sadly passed I should inherit around £750,000 and my dad it will be more.

I hate thinking about them both dying, as I'm very close to them. But I am thinking about when I marry and what will happen.

Firstly, I have a son from a previous and my partner also has 2 children from a previous. We together have one.

When I marry, if my parents or parent died and I inherited, would this automatically be shared with my husband?

My main point is, and this is far fetched but I want to protect my children, if I were to inherit a large sum, and I died, I would want my inheritance to go to my two biological children.

I have never had a bond with partners two children, I have tried and tried. I'm very a very maternal person, I've done all I can. The oldest barely speaks to me.

I really don't want this money to go to them.

What would I need to do if this were to happen?

Also; what if I were to use the money or some of to buy a house? Would I need to make sure that once it sells, the money would be split between my two children?

I just need some advice and clarity on this really. Thank you.

If I were to buy a house say, could I not just state in my will that if I were to die, my DH can live in it until he were to pass, then the sale goes to my biological children?

Yes, I've just had a will written that does this.

We are not married though, I bought the house and paid the mortgage until it ended.

Make a new will specifying exactly what you want to happen to your estate AFTER you marry as marriage invalidates any previous will.

Thank you.

So, after I marry if I state that I want all of the inheritance passed on to me, to then pass on to my children, that would be okay?

https://www.step.org/about-step/public

Bear in mind that if you live in Scotland or have assetts abroad the rules are different

Take legal advice. Have any joint property as tenants in common with unequal shared (reflecting what you have put in). Ring-fence your finances. Specify what will happen in the event of your death or a divorce split.

It's relatively simple to resolve with the right advice and watertight paperwork. And a good lawyer.

Your parents could put in their will that if you passed before them their money then would go the named children in their will.

Unless your mum's will specifically gives money to her grandchildren, she has no control over what you and your brother dp with it. Also, if you want your assets going to your children, you don't get a choice on what your soon to be husband do with any joint money if you die before him. It could all go to the next wife and nothing to any children, including his. You really meed to get proper legal documents drawn up and be prepared that ne may object. If he puts money in and you don't, he could well be annoyed that he is funding everything.

"If I were to buy a house say, could I not just state in my will that if I were to die, my DH can live in it until he were to pass, then the sale goes to my biological children?"

Yes, you can certainly do that. Speak to your solicitor about owning your house as "tenants in common". In that way you can leave whatever share of the house that belongs to you to your DC.

But that won't necessarily help if you were to divorce.

Likewise if you keep everything in a single bank account and not a joint bank account then you leave that to your DC but it may not help if you get divorced.

Another thing to think about though is if the money that your parents leaves you puts you above the inheritance tax threshold (up to £500k for a person leaving their estate to their children).

If any money from your parents is likely to put you over the £500k limit then it may be better for your parents to pass at least some of it down to their grandchildren instead. Otherwise, you will have to pay inheritance tax on the money when you receive it and then your children will have to pay inheritance tax on it again when you pass it on to them.

You can't get married if you want to protect your DCs.

On your death your spouse will inherit everything then when he does it will be split between HIS DCs.

By getting married you are disinheriting your dc.

Can you just have a party without the legal bit?

I agree , just don't get married

You need proper legal advice.

Personally, I'd not get married. Too risky.

If you buy a property together (even if married) you can buy it as 'tenants in common' ... I have just done this, so I can leave my % house ownership, in my will, to my child, giving my husband the right to live in said house until his death.

Sorry but I don’t agree that it’s simpler not to get married. Someone here has already pointed out the inheritance tax implications. It’s also tricky and time consuming- like years- untangling what people thought they were doing when they pooled resources and didn’t marry and didn’t make an explicit agreement. If you’re going to inherit that large amount of money then for goodness sake get legal advice. Why have you not discussed this with the man you’re going, possibly, to spend the rest of your life with? MN is great, but really- get legal advice.

Get legal advice, and think about getting your mum to change her will and / or diverting inheritances straight into a trust for children.

Why do you want to get married?
How much of your inheritance are you prepared to lose to your dsc?

You need to pay a good solicitor and make a proper will.

I'd get good legal advice & and good financial advice with that amount of money at stake.

@Poolstream what do you mean? Surely if I see a solicitor, then a penny won't be left to dsc?

Worth pointing out that Inheritance Tax rules can change

To be honest you'd probably be better off with some kind of pre nup in respect of the inheritances - they do become a marital asset and are at risk if you later divorce then he can waltz off with half and give to his kids all he likes

If you die first and are married he gets the lot unless you specify something different and he could disinherit your biological children in favour of your step children the next day if he wanted to

You'd be best putting the money in trust perhaps but you definitely need to take legal advice

Your parents could leave the money to a trust for you and DC in their will to give extra protection on death and divorce.

But honestly, just see a solicitor.

Because if you die first as your husband your assets go to him ....including the inheritance....he could then very easily and perfectly legally remove your 2 children from his will and leave it ALL to his other 2 children

Surely she just needs to make a will? Her assets will only go to him if she doesn't make a will specifying otherwise.

You might also ask yourself the question about if you separate after you’ve received your inheritance.

My understanding that it doesn’t automatically go into the common pot but it is not as clear cut as in the case of a will.

You need a will!

You need a will!

You need a will!

It should specify what proportion of your estate goes to your husband and what proportion goes to your children.

You can choose these proportions - you don't have to leave anything to your husband if you don't want to. You can leave everything to your children, or the dogs' home. Whatever.

But you must specify this. Otherwise it will all go to your husband if you predecease him.

Could the wedding become a celebration as opposed to a legally binding marriage? The money is not wasted but a better way to safeguard yourself.

Also, I am just flagging you probably need to discuss this with your DP before the wedding - he may have his own ideas on the inheritance of joint assets like a house, and equally, he might be quite hurt at the exclusion of his children (even if he understands your perspective). Make sure you get that cleared up prior to any wedding - just in case it leads to a break, because I'd have thought divorce is a bigger risk than inheritance.

For the potential money involved you really need professional legal advice and not asking an online forum. Rules can be different in different countries so advice people are giving you might not be relevant or accurate