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Life interest Wills solicitors sheffield Menu

Remarried? Consider a Life Interest Will

This article appeared in the Winter 2009/2010 edition of Retired & Living in Sheffield magazine.

If you have remarried following bereavement or divorce, and have children from a previous marriage, it is possible to ensure the financial security of your current spouse whilst still protecting your children’s inheritance.

You may wish to ensure that your current life interest willpartner is financially secure should you die first, but you feel it is only right that your children from your previous marriage should inherit your assets, particularly if the main asset is the family home which may have been substantially paid for during the previous marriage.

With a standard Will, if you leave everything to your new partner your assets would become theirs. When they die those assets would then be passed to their beneficiaries, who may be their own children, thus depriving your children of any inheritance.

With a ‘Life interest Will’ it is possible to avoid this situation. The family home is a perfect example. You may wish to leave this to your children eventually, but still enable your current partner to live in it after you have died. It is possible to give your partner a life interest in the property, which means that after you die they can live in the property until they die (or remarry if you wish), at which point it passes to your beneficiaries.

In this way you can protect both your partner and eventual beneficiaries.

Follow this link for more information on making a will.

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