Honey I’m disinheriting the kids (by accident!)

What is sometime called Second Marriage Syndrome is an inelegant term for a situation where a parent remarries and goes on to own all or most property jointly. This can have serious consequences for the children.

If that parent dies before the new spouse does, with or without a will, jointly owned property stays with the new spouse because s/he owns it already.

It is something that can easily happen and does happen. But it can be avoided.

To most people the idea that the wealth and assets that have been built up over their life ending up in the pocket of a new spouse, and his or her children, is just unacceptable.

One way to avoid this problem is to ensure any new ‘marital property’ is owned as tenants-in-common and e.g. the part owned by the parent is put into a Life Interest Will Trust. This will leave the surviving spouse with the full use of the property, but on his/her death it then passes to the children.

So nobody loses out this way.