Second marriages – Getting the balance right

Second marriages often leave spouses in a dilemma about how to ensure that both their new partner and their own children benefit from their inheritance.

The first priority to anyone getting married should be to make a new Will. Many couples do not realise that their new marriage automatically cancels out their existing Will (unless expressly made in contemplation of marriage). Therefore if you do not make a new Will, the intestacy rules apply on your death, which means your spouse will automatically inherit (where there are children) £250,000 of your estate, your personal belongings and half of the rest of your estate; the remaining half going to your children.

It is essential to obtain the appropriate advice on planning your Will. Usually, when Wills are made by married couples they each leave their entire estate to the other spouse. On the death of both parents, everything is then passed to the children. Second marriages are more of a quandary. If you leave your estate entirely to your spouse, your own children can be placed in a vulnerable position. Your spouse is entitled to change their Will following your death and leave your combined estates to other beneficiaries such as a future spouse or their own children.

Careful Will planning is crucial. One option available is to create a life interest trust, allowing your spouse to be provided for during his or her life, and upon their death, the estate ultimately passes to the children. This way you control the destination of your estate.

You should select trustees who can work with your spouse yet be firm about protecting the interests of your children. If you think that your spouse may have insufficient capital on your death then it is also possible to include in the Will a discretionary power for your trustees to make capital advances.
Will trusts can therefore be the most effective method of providing for your spouse for the rest of his or her life whilst also protecting your children.

If you are getting married again and would like to speak to a solicitor please call us on 0113 320 5000or email us atwills@winstonsolicitors.co.uk.