So, here’s a question……can you unintentionally disinherit your children, even if you’ve made a Will?
Well, the simple answer is, yes you can.
So, how to do it.
Here’s an example, not that we recommend you try this.
James and Sarah are married with 3 children. They have made Wills leaving everything to each other and then to their children. A standard Will and everything is nicely tied up. So far so good.
James dies in an unexpected accident and under the terms of his Will all their assets now pass to Sarah. Sarah’s Will is still valid and she decides not to do nothing to it as everything will pass to her children in the event of her death. So far, still so good.
A number of years after James’s death Sarah plucks up courage and takes a walking holiday in Tuscany. She makes friends with several people including Mike. She and Mike get on well and they become friends. Over time their friendship becomes something more and they eventually marry. Mike and Sarah sell their respective houses and buy a property together. Wedded bliss.
Mike has 2 children from a previous marriage. Ah….warning bell.
In the whirlwind of their new relationship and subsequent marriage, Sarah hasn’t thought to review her Will. So far, not so good.
Unexpectedly, after a brief illness Sarah dies. Her 3 children are distraught at the loss of both parents and look to her Will.
Sarah’s original Will has no value as it was revoked on her marriage to Mike. Ouch, that’s not good.
As Sarah hasn’t made a new Will, all of the assets she owns jointly with Mike will pass directly to him.
Mike will also inherit the first £270,000 of assets in Sarah’s sole name and all her personal possessions (jewellery, car, etc).
And, to make things worse, if Sarah had personal assets in excess of £270,000, then Mike will inherit half of these, and Sarah’s children will only receive the remaining half share. Ah, that really isn’t good!
So, effectively most of the assets James and Sarah accumulated during their lifetime, if not all, have now been inherited by Mike, and following Sarah’s death, Mike decides to make a Will in favour of his own children.
Now James and Sarah’s children are really done for. Not good at all!
So yes, the answer is you can unintentionally disinherit your children, but there is a solution.
Make a Will.
Review your Will.
And if you choose to make your Will with Yourlife Planning, we’ll help you to ensure you don’t unintentionally do this to your children. You have been warned!
