Protecting Assets When You Have Children and Stepchildren

It is common for a couple to make wills, leaving their estate to each other on the first death.

However, in second marriages, this can cause problems, particularly if either party has children from a previous relationship.

How can a second marriage cause complications when protecting assets for children from a previous relationship?

If a couple make wills, leaving their assets to each other, the surviving partner will inherit the couple’s combined assets on the first death.

The problem with this is that the survivor is free to change the will at any time and the first party’s chosen beneficiaries could be cut out completely.

The survivor could also remarry, which would mean their will would automatically be revoked, and, again, the chosen beneficiaries of the first to die could lose out.

How can a second marriage cause complications when protecting assets for children from a previous relationship?

If a couple make wills, leaving their assets to each other, the surviving partner will inherit the couple’s combined assets on the first death.

The problem with this is that the survivor is free to change the will at any time and the first party’s chosen beneficiaries could be cut out completely.

The survivor could also remarry, which would mean their will would automatically be revoked, and, again, the chosen beneficiaries of the first to die could lose out.

How we can support you

At Taylor Bracewell, our wills and probate solicitors can give you advice on the various options available to you, including trusts which can help you protect your assets for your children, whilst still making provisions for your spouse.

Our solicitors can also discuss with you the considerations you may need to make in order to protect your assets for your children and stepchildren.

For more information, click the links below or download one of our helpful guides.

Alternatively, give our solicitors in Doncaster a call on 01302 341414 or our Sheffield solicitors on 0114 272 1884. Our friendly team will be happy to have a chat with you.

We can also help you with any of the following: