Blended Families
The new expression for the increasing number of individuals who have remarried with children from a previous relationship. How do you provide for your partner and at the same time ensure that your children ultimately inherit.
What not to do
The default is to leave everything to your partner and trust that they will “do the decent thing” after your death. Unfortunately, often this doesn’t happen. The survivor falls out with the children and redirects the estate to his or her family. Some take the view to leave everything to the children and trust they will provide for the spouse. You do not need me to tell you the problems that can arise here.
Trusts to the rescue
A Trust in your will can work really well in these circumstances.
- You can provide for your partner but at the same time control the ultimate distribution from your grave.
- In the case of a jointly owned house it is crucial that you own this as tenants in common so your share passes under your will. Your partner is given the right to occupy it under the will.
- In the case of other savings and investments I would recommend that these are held In sole name rather than joint names so they are similarly protected under the terms of the will.
If you would like to know more about how trusts can work for you why not come to one of my free seminars or contact me for an appointment.
