As estate planning lawyers, we often get asked:
“What happens if I die and my husband remarries: how can I ensure that my children are looked after and all my hard earned assets don’t go to my husband’s new wife or partner, especially when he dies?”
“How can I ensure that my hard earned assets, that I want my children to have when I die, don’t end up as part of a family law dispute?”
“What can I do to ensure my children won’t be disinherited if my husband remarries after I die?”
“What if I want my children to benefit from my hard earned wealth but also want my spouse to reside in our family home after my death until he remarries or dies?”
The thought of your spouse remarrying or becoming romantically involved during the years following your death is daunting to say the least. Similarly, the thought of your spouse dating or finding someone new to raise your children with is probably something you don’t even want to think about.
However, a study has found that:
- Within 25 months after a spouse’s death, 61% of men and 19% of women have either remarried or become involved in a new relationship
- The younger the surviving spouse is, the more likely they will become involved in a new relationship
- Surviving spouses who are mentally and physically well have a higher rate of remarrying or entering into a new relationship within 25 months of their spouse’s death.
Having these difficult conversations with your spouse now about what you want to happen after your death, and making plans for this, will ensure that your spouse and your children are looked after in the way you want.
If you want to:
- Protect your assets for your children but still provide for your surviving spouse
- Protect your assets from claims by the spouse of your children if they are involved in a matrimonial property dispute;
- Ensure that your assets pass down your family line;
- Reduce the potential conflict between your spouse and your children after you die;
- Reduce the likelihood of your spouses’ new partner and their children clawing at your assets;
- Rule from the grave
then having a Testamentary Trust included in your Will is a great way to ensure asset protection as well as provide a very flexible and tax advantageous estate plan.
It is so important that you and your spouse start having these conversations now, discussions about your hopes and wishes for your children and your spouse if you die first.
“By failing to prepare, you are preparing to fail” — Benjamin Franklin
If you need to update your Will, or make one, please do not hesitate to contact YOUR LEGACY LAWYER to make a mutually convenient appointment to discuss your circumstances.
Ph: 0417 012 991
Adele is based in Toowoomba and assists clients across Toowoomba and Darling Downs (and surrounds), Warwick, Dalby, Brisbane, the Gold Coast and the Sunshine Coast.
Ph: 0422 582 161
Jacinta is based in Mareeba and assists clients across the Atherton Tablelands (and surrounds), Mareeba, Cairns, Port Douglas, Innisfail and more.
Schedule your complimentary Will review today!