[30.06.23]

In 2021 there were 105 High Court disputes over probate.  This was 68 cases more than in 2020 – and this excludes the huge number of disputes which were resolved before reaching a courtroom.  A component of those disputes, is where a parent has remarried following the death of their spouse; and on their death their assets have gone to their new spouse – and once the new spouse dies, the assets have then gone to the new spouse’s children.  Leaving the children from the original relationship with nothing.

Firstly it is essential to understand that on marriage, your previous Will is null and void.  Should you pass away without having made a new Will, your children from a previous marriage may not be entitled to receive anything when you die, instead all of your assets will pass to your new spouse.  It is therefore essential that you make a new Will after you marry.

An additional way to safeguard your children’s inheritance is to create a Trust within your Will.  This is a legal arrangement where one or more people act as the Trustees of your assets should you die or fall ill.  This can ensure that your assets are ringfenced, so they are not given away to anyone else as part of the surviving spouse’s Will, but allow the surviving spouse to use/spend the assets with the Trustees’ agreement.

If you are looking to protect your assets you may want to speak to Paul Bricknell, Head of Tax & Estate Planning at Manchester based Kuits Solicitors – email: paulbricknell@kuits.com

Castletons Accountants