How do you ensure your children from a previous marriage can inherit a share of your home?

It's not as simple as just naming them as default beneficiaries when you make a will.

It's a sad fact that over 40% of marriages end in divorce. Therefore, many people who are thinking of making a will are likely to have remarried at least once, maybe more than once.

If you're remarried and you have children from a previous relationship, you'll naturally want to provide for them in your will. It's no problem to make a specific gift to them in your will, for example an amount of money or a treasured personal possession. However, when it comes to making sure they can inherit a share of your marital home, that's not as straightforward as it may seem.

Why you can't just make your children default beneficiaries
It's common for married couples to leave everything to each other, and then to their children following the second death.

However, that doesn't work if you want to ensure that your share of the marital home goes to your children from a previous relationship. Even if you write 'mirror' wills, once your husband, wife or civil partner has inherited your estate after your death, he or she can change their will, potentially removing any beneficiaries you have nominated, such as your children.

Check your tenancy
If you and your husband, wife or civil partner own your home as joint tenants, on the death of one of you, your interest in the property will automatically pass to the survivor, making them 100% owner.

The property won't be included in your estate for the purposes of your will. Therefore, you can't will any proportion of it directly to your children.

The only way to be able to control what happens to your share of the property is to split the tenancy so that you and your husband, wife or civil partner become 'tenants in common'.

The default share of ownership will be 50/50. However, you can specify different percentages, for example if one of you has contributed more capital to the purchase of the property. You do this by creating and signing a Declaration of Trust.

Write a will with a Life Interest or Right to Occupy Trust
Once you've split the tenancy, you can write a will that includes a Life Interest or Right to Occupy Trust to deal with your share of ownership of the property after your death. It's worth getting a professional will writer to advise you on this.

You'll be able to will your share of the property directly to your children, while giving your husband, wife or civil partner one of the following:

(a) a life interest in your share of the property. This means they can live there for as long as they wish. If they choose to leave, they retain a beneficial interest in your share of the property (or the proceeds of any sale of the property) for the rest of their life.

(b) a right to occupy the property for as long as they wish to. If they choose to leave, they have no further beneficial interest in your share of the property.

When will my children inherit my share of the property?
In the case of a life interest trust, your children will inherit your share of the property when your husband, wife or civil partner dies. The whole of the property (or any trust fund created from sale proceeds) will become part of their estate for inheritance tax purposes.

In the case of a right to occupy, your children can inherit your share of the property when your husband, wife or civil partner no longer wishes to live there. The property will be sold and the proceeds divided between your husband, wife or civil partner and any other beneficiaries named in your will, for example your children.

For professional, affordable will writing services in or near Ipswich, Suffolk, call 01473 659024 or email hello@cswills.co.uk

For more information on how to make a will visit www.cswills.co.uk

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