Wills are automatically revoked on marriage, so if you have created a Will and since remarried the chances are your Will is no longer valid (unless it was made in contemplation of marriage).
If you die without a valid Will, your estate will be distributed in accordance with the intestacy rules meaning that your children could be left with nothing or very little, especially where you have children from more than one marriage.
The intestacy rules outline that your spouse will inherit the first £250,000 of your estate and one half of your remaining estate.
BBS can talk you through your options and provide you with the advice you need to ensure that your spouse is provided for whilst protecting the interests of your children.
Including a Trust within your Will is a popular method to ensure all parties are provided for. BBS have the expertise to talk you through the different types of trusts available to decide which suit your needs. We can explain the process on how a Trust can be created to allow your spouse to benefit from the Trust during their lifetime, whilst preserving the capital of the trust for your children – on the death of your spouse the assets in the Trust will be distributed to your children (or other beneficiaries as you so wish). Because the assets are held in Trust, they are ring-fenced so they do not form part of your spouse’s estate and therefore cannot pass under their Will.
Whilst second marriages can seem like a minefield when it comes to inheritance, we can help you achieve the balance you are looking for.