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If you’ve remarried following divorce or bereavement, and have children from your former marriage, a Life Interest Will can protect your children’s inheritance at the same time as ensuring the financial security of your current spouse.
If you were to draw up a standard Will leaving everything to your new partner, your assets would become theirs when you died. Then, on their death, those assets are passed on to their beneficiaries – totally depriving your children from a former marriage of any inheritance.
However, a ‘Life Interest Will’ allows you to avoid this situation, keeping you in control of where your assets are distributed - for example the family home. If you own the home outright and want to leave it to your children but allow your current partner to live in it after you have died, you can give your partner a life interest in the property. This means that after you die they can live in the property until they die (or remarry if you prefer), at which time it passes to your beneficiaries.

The same applies if you jointly own a property with your new spouse. You can give your partner a ‘life interest’ in your share of the property – allowing them to live there after your death but ensuring it passes onto your children from your first marriage when your new partner dies or remarries.

For more information on Life Interest Wills, or to book a free initial consultation, call Nadia Faki now on 01858 445480.