You and your spouse have children together.
You leave your whole estate to your spouse in your Will. You die.
You assume that when they die, they will leave the estate to your children.
But what if the widow or widower remarries? They remarry and the marriage revokes their current Will.
What if they marry and make a new Will and give all their wealth to the new spouse?
What if they marry someone who has their own children? So, all your wealth is given to the new spouse and then to their children (not your children)?
We all trust our spouse to do their right thing by our children – but life does happen – for example not updating a Will when they become engaged or signing a reversionary pension….
Can you do anything?
Yes, if you own assets in your own name, then you can give these to your spouse via a testamentary trust. When your spouse passes away, your children will benefit from your wealth.
Yes, if you own assets as joint tenants, you can both enter into a Mutual Will Agreement.
Both strategies require finesse and a lawyer with expertise in their vehicles.
We can definitely advise on the right strategy for you both.
#rulingfromthegrave #testamentarytrusts #greatsouthern
