If you are about to get married for the first time, good luck and good wishes. I hope you are putting a Will in place as your status is about to change.
If you have been married before, you should think very carefully about your Will provision. The straight forward “Mirror Image Will”, where you leave everything to each other is NOT for you!
When it comes to a second or even a third marriage, many things would have happened to you during your life. You would hopefully have your own property and savings. You would have built up your assets years before you met your new wife/husband.
By the time of a second marriage you may have inherited money from your own family.
So you want to preserve your assets for your own children, or ensure that the “family” assets go down the blood line to your family! This sounds logical and easy, however it is not.
When putting in place a Will you must take into account your means, the financial position of your new wife/husband, and most importantly you must protect your existing family.
With the use of Trusts everyone can be protected, and whilst you cannot take it with you. You can ensure that those you love are looked after.
If you are one of those embarking on a new life with a new wife, please call to discuss how to best protect your loved ones.