Every time something in your life changes, your Will should be revised to reflect those changes. When you’ve been married more than once, though, this gets more challenging, especially if there are children on both sides of the marriage.
Cancellation of Wills and Remarriage
Many individuals are unaware that when you remarry, any Wills you have drafted are nullified by the remarriage. As a result, if you’ve remarried, one of the first things you should do is write a new Will.
What happens if I die without leaving a Will?
If you die after remarrying but without a new Will, the norms of intestacy apply. Click here to learn more about the rules of intestacy.
Provision for your new spouse and children in a balanced manner
Because there are no benefits to dying intestate, you should make a Will as soon as possible to provide for your new spouse and children. You don’t want your death to be the source of a family feud between your new spouse and your children.
The best way to balance your new spouse’s and children’s requirements is to talk to each of them about what they expect to inherit, why they expect it, and how they would feel if others inherited. Be aware that if your children feel your spouse married you for your money, this will not be a nice talk. If at all possible, avoid saying anything angry and instead try to listen to your family members’ concerns.
Using a Trust to Assist with Fears
Setting up a trust that allows the new spouse to access assets such as the house and certain finances during their lifetime while passing the assets to your children is one of the finest methods to put your children’s and other family members’ anxieties about a new spouse to rest.
You can even leave fixed amounts to your children in the event of your death to assist them till your new spouse dies away.
Children’s Maintenance Payments
Though there is no requirement to include adult children in your Will, if you are paying child maintenance to children from a previous marriage or relationship, you must include them in your Will. If you don’t, they may be able to make a considerable claim against your estate if you don’t. If your estate does not have enough assets to pay for these children and your new spouse, you might want to consider purchasing insurance to cover them.
Do you require assistance in drafting if you have been married more than once your Will? To learn more about how our Will writing professionals may assist you in putting your affairs in order, contact us now.