Family relationships can be complicated. Richard Barlow rounds off the year with a look at some of the most common questions parents ask about providing for their children.
My wife and I both have children from previous marriages. How do we make sure they are provided for when we die?
It is always preferable to keep wills as straightforward as possible, for example, most married couples state that on the first death the whole of their estate passes to the surviving spouse and should then be divided between their children on the second death.
However, this approach does not necessarily work for blended families. Problems can arise if, after the first death, the surviving spouse’s relationship with their stepchildren changes. In theory, they could be denied any inheritance through an updated will.
It is possible to make provision for your respective children on the first death, but it is important to ensure the surviving spouse is still well provided for and financially secure.
We would advise writing a trust into both wills that is created on the first death. By doing so, the surviving spouse can draw an income from your assets, without owning them. They will then pass to your children on the second death.
There are various forms of trust that can be incorporated into wills, so I would recommend speaking to a specialist probate solicitor about the one that is most appropriate for you.
I am concerned my son is dependent on drugs. As it stands, I wouldn’t want him to inherit my estate outright. What can I do?
Until your son’s circumstances change, it would be advisable for your estate (or his share of it) to be managed by someone on his behalf.
A discretionary trust can be built into your will to protect your son’s entitlement, but limit his access to the money. You can appoint trustees to release the funds at their discretion and prepare a letter of wishes that provides guidance on the purpose of the trust and how you would like to see the money managed.
Whilst funds remain in the trust, they do not belong to your son and he will have no direct access to them. If the trustees feel a sum should be released to him, they can make the appropriate arrangements.
I have two daughters, but my relationship with one of them has broken down. I want to exclude her from my will. Can I do this?
The simple answer is yes. You can give your assets to whomever you wish in your will, so if you decide to exclude someone, that is your right.
However, it is possible that after your death, your estranged daughter could decide to make a claim against your estate, if she feels you should have made provision for her.
In these circumstances, we would recommend you to prepare a letter explaining in as much detail as possible why you decided to exclude her from your will. The two documents can then be kept together and if necessary, used to defend any claim made.
To find out more about making or updating a will, why not book a free 30-minute consultation with one of our probate specialists? Call (0114) 218 4000 or email info@tayloremmet.co.uk
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