It is common for people to pool assets when they commence a new life together. The main asset for most of us is our family home, generally held jointly with our partners. When a spouse dies their share generally passes automatically to the surviving spouse.
This causes problems for children of the deceased who may not be children of the surviving spouse. What if the surviving partner makes no provision for the deceased’s partner’s children? What if there is a falling out? What if the surviving partner’s children seek a priority treatment?
What is the fix?
One solution to this developing issue is a contract for mutual Wills. Couples can have Wills drafted that mirror each other to ensure that their express wishes in terms of gifts to children or any other class of beneficiary will be given testamentary effect by the other partner. These documents are signed by each spouse and provide that upon the death of one spouse the survivor is not able to change the important clauses of their Will.
If the survivor does change their Will, a legal mechanism is provided for children or other beneficiaries to seek a remedy at law.
Families are hard at the best of times. Modern families are bringing a whole new level of complexity to this. You will need specialist legal advice to navigate your way through the field.
Tiyce & Lawyers – we are here when you need us.
