1/6/2023 0 Comments Ck2 best succession lawsLucy will also receive half the remainder of Peter’s assets (£40,000). So Lucy becomes the sole owner of the house. Peter dies without making a Will.Īssets in Peter’s sole name up to the value of £270,000 will pass to his current spouse, Lucy, as will any assets which the two of them own in joint names as joint tenants. Peter and Lucy own their house, valued at £300,000, jointly as joint tenants. Peter’s assets (held in his sole name) total £350,000. Peter has two children from his previous marriage and Lucy has one child from her previous relationship. Peter is married to Lucy and this is his second marriage. The other half of the residue passes outright to your children on your death. Your spouse will also receive half the remainder of your assets (i.e. If you die without making a Will leaving a spouse and children then the intestacy rules mean that any assets in your sole name (up to the value of £270,000) will pass to your spouse, as well any assets which you and your spouse own in joint names as joint tenants (see below). What happens to my assets if I die and I haven’t made a Will? In this article, we look at the legal considerations recommended for anyone contemplating a second marriage. Many people do not realise that remarriage cancels any existing Will that is in place, and the more complicated family set-up means that consideration of new Wills, and possibly a pre-nuptial agreement, is essential. Whether the previous marriage ended in death or divorce, many of these couples will have children from previous relationships. Second marriages and inheritance: some points to consider Protecting your children’s inheritance when you re-marryĪ third of all marriages in England and Wales are between couples where one or both spouses had been previously married.
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