Second marriages are on the increase, particularly in later life – and there are steps you can take to ensure you continue to protect your assets if you have a new spouse.
Nina Sperring, Solicitor at Bartletts Solicitors says: “As a member of the Society of Trust and Estate Practitioners (STEP) and STEP-qualified lawyer, I’m up-to-date on their findings and they recently published data that highlights nearly half of their members have experienced an increase in clients wishing to use trusts as a means of protecting their assets – and a rise in second marriages is a big reason for this upswing.
“When you marry, your existing Will is void which means unless you make a new one your estate will be distributed according to the rules of intestacy when you die. If you’re entering or have just entered into your second marriage, failing to make or update your Will could mean your new spouse gets more than you’d ideally like or your children get far less when you die.”
If you’re prepared and plan ahead, you can marry and still ensure you protect loved ones after you die.
Make A New Will Or Update Your Will
Write a new Will when you get married a second time, so it is valid and reflects your wishes for loved ones and family.
It is possible to include a trust in your Will with a view to protecting your new spouse as well as children from a previous marriage, for example. It may enable your second husband or wife to use your assets after you die, during their lifetime, but when he or she dies, your children would receive all the assets – or you can make an alternative arrangement that suits the specific needs of your circumstances.
How We Can Help You Protect Your Assets For The Future
Inheritance is not always straightforward, especially when it comes to second marriages and children from previous relationships – which is why our specialist family law solicitors provide tailored expert advice and guidance that lets you know your options and supports you in achieving your wishes for loved ones and family.
We will help you prepare for later life, including setting up any Powers of Attorney as well as writing a Will to reflect your current circumstances.
As all our advice is tailored to your needs, we’ll help you find the best ways to protect your assets, for you today and for your future.
To speak to one of our specialist solicitors about making a Will or for advice on protecting your assets, contact us on 0800 988 3674 or email advice@bartletts.co.uk
