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.

You need to think about what would happen if you die OR if you divorce

The easiest way to handle both is by having all the inheritance put into a trust. If you want to buy a house, the trust buys the house and owns it.

You need a good lawyer who specialises in family trusts and protecting money.

You can protect your assets yes: you need to talk to a solicitor.

You need to make sure you own your house as Tenants in Common, not Joint Tenants. As TiC you own a specific % of the house as yours and can leave it direct to your own Dc in your will (leaving your partner a life interest to live in it until their death, or 5 years or whatever).

If you own your house as joint tenants if you die your DH automatically becomes owner and can leave the whole house in whatever way he chooses .

It could make sense your parents to leave £££ directly to your kids. Maybe to be used for something that would otherwise be your responsibility, e.g Uni.

Youf parents’ estate will be subject to IHT (unless £100ks disappear in care fees) and if they leave what’s left to you then it will incur yet more IHT when you pass it on, in turn (when added to your own Assets).

Me? I wouldn’t get married

Can your mum split the cash three way between you and both your kids.

This!

keep the money separate and not in a joint account. Then it’s your money not joint money.

Also make sure your wishes are written in your will.

I would ask your parents to bypass you and put your inheritance into a trust fund for your children instead. So they inherit your portion directly instead of you and your parents can delay the age when your kids inherit.

I know someone whose cash inheritance was released in stages so 18, 21, 30, 40 & so on. It waa several million pounds which was invested into pensions, stocks & shares & a small amount in ready cash. Their property inheritance was put into trust so they didn't directly inherit it & were beneficiaries instead. This protected them against losing their inheritance and propert in a potential divorce.

Do not get a joint/mirror will but a property trust will imstead or similar when you marry. This will let you leave half of your assets to whomever you want to inherit; it wont necessarily be your husband. If you had a joint/mirror will then your dh inherits automatically. Don't get a mirror/joint will as your kids won't automatically inherit & neither would his kids if the situation was reversed.

https://flintbishop.co.uk/insights/guide-to-types-of-wills/

Are your parents still married? If separated but not divorced wouldn’t anything from one parent pass to the other?

Have you discussed any of this with your DP? What does he plan to do with his money?

I also wouldn’t assume you will inherit X as no one knows the future re care costs and tax changes.

Not marrying him isn't a choice I'm afraid

Yes it is a choice. There's so many threads on here about the wife dying, the new husband inheriting and then he gives everything to his children and not the wife's children (even though the inheritance is rightfully theirs).

It would be so much easier if you didn't marry this man. His assets will go to his children. Your assets go to yours.

It is well worth taking legal advice. It should be perfectly possible to protect the interests of your children against both the risks of IHT and divorce, but you really need to make sure that you have set things up correctly and be clear with new DH that this is what will happen.

Speak to a solicitor BEFORE you get married.

You can still have yoour wedding being a ceremony and a party and not do the legal bit btw

I would get a pre nup

Thinking about it you also need to cover what happens if you predecease your mother or your children predecease you

It does happen!

That and a survivorship clause ie your beneficiaries have to outlive you by 28 days

Huh? Solicitors aren't that expensive. Will writing is a very common and standard procedure. I really isn't all that complicated. Please just go and see a solicitor and get it sorted. Your issue is extremely common. It is a very regular situation.

Going to see solicitor with my mum, along with her will too.

Don't marry him.
Get your parents to put it in a trust for your 2 children, bypassing you.

If you don't "need" the inheritance from for example your mum can you just let it pass directly to your children?
If I inherit it will go straight to my children. I'm named in my mum's will and she is happy for my share to go to my children. It's legal to do that.

In some circumstances and in some places a spouse would have a right to claim in your estate, no matter what the will says. I’d also consider a prenup if you get married to secure the money for your children. You very much need legal advice.

You need a prenup and estate planning. Pay for good quality legal advice. It's rhetorical only real solution