Children and stepchildren
If you have remarried and you both have children from an earlier relationship then making a will is very important in order to protect both your current spouse and your children. A life interest trust can offer a solution to this problem.
The trust operates to provide for your spouse during his/her lifetime whilst protecting your children’s inheritance after your spouse’s death. With basic mirror wills spouses tend to leave all their assets to each other, then to children but this arrangement will not protect children from previous relationships because all your assets would become your spouse’s. When your spouse dies, those assets would then be passed to his/her beneficiaries, who may be your stepchildren, thus depriving your own children of any inheritance.
A life interest trust avoids this situation by protecting both your spouse and children by ensuring that your spouse continues to benefit from your estate, for example he/she can continue to live in the family home and after their death the property (or share of it) passes to your children.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.