A recent story regarding estranged step siblings and Mirror Wills has hit the headlines.
In the article, several cases are mentioned in which Mirror Wills have been overridden after the death of one spouse, resulting in intended beneficiaries receiving no inheritance and no legal standing in restoring a deceased parent’s wishes.
This is a potentially enormous loophole in the law in cases where one spouse (sometimes) dies years before the other, and remarriages occur either with or without new stepchildren entering the picture.
How can a Trust help to keep your wishes intact in the event of a change in family circumstances?
Trusts are set up for a number of reasons, including:
- The protection of assets for your children
- To maintain assets within the family
- To protect family assets upon divorce or separation from a partner
- To manage the financial assets of a minor beneficiary (under the age of 18)
- To manage the financial assets of a vulnerable beneficiary (due to mental or physical incapacity, financial irresponsibility, risk of bankruptcy, or substance abuse issues)
- Lifetime Inheritance tax planning
- To pass on assets to specific beneficiaries during your lifetime
- To pass on assets to specific beneficiaries after your death (known as a ‘Will Trust’)
If after reading the above article you have any concerns for your own family after your death or as a child you think that your parents should consider their options to prevent any disappointment in the future, then please contact Oakwood Solicitors to review your existing Wills and discuss what options are available to you to ensure that your chosen beneficiaries remain beneficiaries and are not disinherited at a later date.
Further reading
Trusts – Oakwood Solicitors
WHAT TO DO NEXT
If you wish to safeguard future beneficiaries of your estate, get in touch today for a no-obligation consultation. Choose one of the methods on the right-hand side of this page, or call us on 0113 200 9720 to find out how we can help you with your enquiry.
Charlotte Bandawe is our Head of Wills and Probate department, leading a team of three other colleagues.
Charlotte is also a member of The Association of Lifetime Lawyers. View her Association For …
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