I'll be there for you: life interest trust wills
This scenario may sound familiar…
Ross and Carol were married and had one son, Ben. After 8 years of marriage Carol met Susan for whom she started to have feelings. Subsequently, Ross and Carol divorced with a clean break, and Carol and Susan later married. Ross then remarried, and with his new wife Rachel had a further child, called Emma.
Due to the family set up, we would suggest preparing life interest trust wills for both couples. The reason for this suggestion is to protect the children’s inheritance.
Let’s use Carol and Susan as an example: they own their own property jointly as tenants in common, which means they own their half share each. We would suggest that Carol ring fences her half of the property for Ben in a trust and allows Susan to remain living in the property until she dies, remarries or cohabits with someone else. This ensures that if Susan and Ben’s relationship were to break down after Carol’s death and Susan decides to change her will to exclude Ben, then he still has his mother’s half share of the property ring fenced for him. Therefore, Ben does not miss out entirely on any of his parent’s inheritance. This type of will would also work for Ross and Rachel, because Ross has a child from a previous relationship.
If you are in a couple and have not yet considered the ‘what ifs’ that can happen in life, it doesn’t matter who you are, your future matters.