With second (and subsequent) marriages becoming increasingly common it is not unusual for clients to be concerned about the possible consequences of leaving their entire estate to a surviving spouse.
A typical scenario where this may be an issue would be a married couple who have two children together. They also have a child each from a previous marriage. When making their wills each may be concerned that the survivor may be more inclined to favour their own three children over the deceased’s oldest child – their stepchild, especially if there is a history of inter-family conflict.
The solution which enables the client to provide for the surviving spouse while at the same time ensuring the estate reaches their ultimate intended beneficiary is the use of an immediate post death interest trust.
What this means is that the surviving spouse is left a “life interest” in the whole of the deceased’s estate. This includes the right to the income generated by the estate and the use of any estate asset, such as the family home, but only during their lifetime. After their death the trust assets pass to the ultimate beneficiaries who in most circumstances would be the children.
PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.
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