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    It’s National Son’s and Daughter’s Day on the 11th August, Protect Your Children from Sideways Disinheritance.

    August 3, 2017

August 3, 2017

It’s National Son’s and Daughter’s Day on the 11th August, Protect Your Children from Sideways Disinheritance.

National Son’s and Daughter’s Day: a time to celebrate the love for your children and the time you enjoy spending with them on a day to day basis.

It’s these celebrations that highlight the importance of putting measurements into place, should the unthinkable occur.

Studies have shown that nearly 60% of adults in the UK are yet to write a will, which considering the implications, is frightening. Having no will or an outdated document can have a serious impact on your family and more importantly, your children.

Could you imagine in the event of your death that your children end up with nothing from your estate?

This is called the Sideways Disinheritance Trap, which is something you should be aware of, especially if you have remarried. There are a number of families in the UK that are defined as ‘blended families’ where both parents might not be their birth parents. This could cause problems should you leave your estate to your partner, and they then remarry after your death leaving their estate to their new partner. Your children would then be disinherited.

The question is, how do you prevent your children from being disinherited?

First things first, it’s important to draft a new will once you have remarried. This will avoid any situation where you disinherit your children. It also gives you a chance to tweak certain things and help to protect your new spouse or partner.

Another way to protect your children, would be to leave your assets in a trust. A Life Interest Trust for example, will hold your assets until you pass. You can name someone to be your ‘Life Tennant’ who will be able to live in your property and gain any income generated by your assets. Once they pass, your estate will be passed down to your children.

One other option would be to create Mirror Wills. These are identical to your partner’s, therefore no matter who passes away first, your intentions will match each other’s.

If you are concerned as to whether your children will be protected in the event of your death, then Bespoke Support Network can help. We put you in touch with trusted professionals that will provide you with the service and guidance you need. Get in touch with our team by calling 0300 303 3441 today.

 

 

 

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