This is a particularly dangerous area. With second marriages (or relationships) often comes the fact that one (or both) partners have children to their former partner.
In the good old days, leaving everything to your spouse wasn't much of a worry - their children were your children. You could be reasonably sure that your children would ultimately benefit.
Nowadays, there is a conflict between taking care of your current spouse but making sure that your children get their "fair share". This can sometime lead to potential challenges to your Will (if you don't get it right).
The solution is often difficult, but may involve:
- In a large estate, making provision for your partner and your children separately.
- In a smaller estate, incorporate a trust to ensure that the spouse receives benefits whilst he/she is alive, but the children ultimately receive their "fair share".
- Turning a small estate into a larger estate, through life insurance.
Whilst difficult, we have a range of solutions that can be combined and moulded to your individual circumstances. In our experience, it is far easier to discuss and resolve the issue properly as part of your estate planning, than to ignore the problem (and leave the survivor with the headache of dealing with claims).
To find out more about estate planning, please:-