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Original poster

Inheritance question

13 replies

PartialToIt · 13/03/2024 13:37

I have heard some stories recently where say a woman dies and her husband inherits the money (which would then pass to their kids). The husband may then marry a new partner. If he then dies then I presume the new wife inherits the money and can give it to any of their children.
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What can we do to ensure that our own kids will receive our inheritance if one of us dies and the other remarries?

Thankfully we are in decent health but I like to plan. Hence having done LPAs for each other recently. We are in our early fifties with kids aged 20 and 21. We would like to plan for the future even though we are not particularly wealthy at all.

I have looked up trust funds and wills and cannot find any specific advice. Do I have to have a lawyer or can we do it ourselves like when we submitted LPAs for each other recently?

Thanks in advance.

OP posts:
akkakk · 13/03/2024 13:59

There are a number of things from how you own the house to how you leave assets and cash - best speaking to a lawyer as it is easy to get it wrong!

SilverFishcake · 13/03/2024 14:26

You need a lawyer for this, I’m similar age to you and this has crossed my mind.

DH and I are both independently reasonably well off. I just want the entirety of my estate to not be passed on to anyone but DH and DS. The other thing to consider is there is zero chance I could ever have another child but with men, they can father children in to their eighties.

Outnumbered99 · 13/03/2024 14:29

You can change how you own your property, so for example your "half" is left directly to your children and your partner given the right to live there until death. I think more people should look into this.

Geebray · 13/03/2024 14:30

You get good legal advice and make wills.

Original poster
PartialToIt · 13/03/2024 15:29

Ok so I need a lawyer. Now how to find a decent one…!

Thanks all.

OP posts:
Propertylover · 13/03/2024 17:18

Look for a STEP solicitor.

There are always pros and cons but owning the house as tenants in common and in your will leaving your half to your DC with your spouse having a life time interest is one option. You can allow the person with the lifetime interest to downsize etc. to factor in circumstances change. Also be clear on maintenance costs etc.

Original poster
PartialToIt · 13/03/2024 17:27

Propertylover · 13/03/2024 17:18

Look for a STEP solicitor.

There are always pros and cons but owning the house as tenants in common and in your will leaving your half to your DC with your spouse having a life time interest is one option. You can allow the person with the lifetime interest to downsize etc. to factor in circumstances change. Also be clear on maintenance costs etc.

I will look up STEP thanks.

Maintenance costs? As in house maintenance? Or What would happen in a divorce? That’s a good point. I am thinking about one of us dying, not divorcing. Which of course could also happen.

My husband is a ‘live in the moment’ type. So persuading him to engage with this might be a challenge but I will persuade him!

OP posts:
Propertylover · 13/03/2024 17:43

House maintenance

Stressybetty · 13/03/2024 17:51

This happened to my DH, his DF remarried and died in his fifties when DH was early 20's. New wife wouldn't even speak to DH and his DB at the funeral and afterwards at the house.They were told by wifes relative they could choose one thing each from their dad's study and leave. Both assumed she would contact them later when she was less upset but never did. Years later DH applied for a copy of the will which had left everything to new wife. Wife since remarried. Very messy.

Notamum12345577 · 13/03/2024 17:53

What can you go? You may a will with your wishes clearly stated

yorkshireteapot9 · 13/03/2024 17:57

Outnumbered99 · 13/03/2024 14:29

You can change how you own your property, so for example your "half" is left directly to your children and your partner given the right to live there until death. I think more people should look into this.

Yes that's what my parent did. Basically with my dad being next of kin and still alive and of mental capacity, it ring fences the estate so that if my dad had to go into care, they can only take his half of that towards it, as the trust along with his two children own the other half. It's a fairly common practice-it also states dad can live in the property until his death but that he has to maintain it. He can also sell if we all agree, although that's unlikely now.

Original poster
PartialToIt · 13/03/2024 23:03

Stressybetty · 13/03/2024 17:51

This happened to my DH, his DF remarried and died in his fifties when DH was early 20's. New wife wouldn't even speak to DH and his DB at the funeral and afterwards at the house.They were told by wifes relative they could choose one thing each from their dad's study and leave. Both assumed she would contact them later when she was less upset but never did. Years later DH applied for a copy of the will which had left everything to new wife. Wife since remarried. Very messy.

That’s awful. I want to do what I can to avoid this.

OP posts:
Mossstitch · 13/03/2024 23:45

For starters you need to own the house as tenants in common rather than joint. You can then dictate in a will who you want your percentage to go to with the proviso that the remaining partner can live in it till death or til they wish to leave and that they pay for maintenance of the property whilst living there. This guarantees that your portion goes to your children and no possibility of a strangers children inheriting your property.

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