In one word – ‘Yes’, and all too often it does. Many people are unaware how easily the above scenario can occur. However, if your spouse or partner was to re-marry or have more children after your death it will happen unless you take steps to protect your children’s inheritance.
Consider the following:
Mr and Mrs Jones are married with two children. Mr Jones dies and Mrs Jones acquires all their assets. Time passes and Mrs Jones re-marries to a Mr Smith. Unfortunately after 10 years of marriage Mrs Jones passes away. Mr Smith now inherits all of Mr and Mrs Jones assets. With everything of value now in the hands of Mr Smith how likely is it that he will leave all or even some of it to the children of Mr and Mrs Jones? Unless Mr Smith has made provision in his Will to this effect then everything will go to his children or grandchildren. Mr and Mrs Jones children and grandchildren receive nothing.
The above is plainly not right or fair but it can and frequently does happen.
Even if your spouse had a will in place leaving everything to your children their re-marriage will revoke that Will, meaning it will no longer be valid. Similarly your spouse could also divorce their new partner easily leaving your children without their full entitlement.
How can you stop this from happening?
A simple Trust inserted into your Will can prevent all this. The trust allows your spouse full lifetime entitlement to live within the family home but on your death the half of the property you own is ring-fenced and protected for your children. When your partner dies or decides they no longer require the property your half passes to your children only.
For more information on protecting your assets please contact us for a free, no obligation meeting either at our town centre offices or in the comfort of your own home.