Modern Families – Protecting Your Assets
Blog | 11th July 2018
Wills, Trusts, Tax & Probate
Occurrences of first, second, third or more marriages taking place where one or both parties have children from former relationships are increasingly prevalent.
Unless prior steps are taken, once the new marriage is formalised, any existing Will will be revoked or the intestacy rules which would have applied, change in application to a position perhaps not anticipated.
Taking the right advice at the right time can ensure a seamless transition of your testamentary wishes through the marriage contract and beyond, and can also ensure that you are able to benefit a number of different parties, perhaps at differing times, for example the surviving spouse in the first instance and on their death, the children.
The right planning (via Trusts) will ensure equality between your children and new spouse whilst incorporating certainty and protection over your wishes such that the surviving spouse would not be able to disinherit the children either intentionally (by re-drafting their Will) or unintentionally (by their re-marriage or entry into the care system, for example). Protection can also be incorporated to protect against negative circumstances which may come to touch upon children’s lives, such as divorce or bankruptcy, which risk their inheritances being taken by unintended third parties.
With the right advice, parties to modern families are able to secure the taxation advantages offered by marriage, alongside financial protection and security for both spouse and children, which in turn avoids conflict arising on the first and/or second death a worst case scenario of which would bring about a probate action or Inheritance Act claim either of which are likely to be both personally and financially devastating for all those involved.
Our specialist Private Client Solicitors have many years’ experience and can help you make the right choices and plan for the future based on your own personal family circumstances. For confidential and personal advice contact Maria Lonergan today.