Your Will, your legacy: what happens if my spouse remarries?
Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
If you leave assets outright to your spouse under your will, generally they will be free to do what they like with them. If your spouse should remarry after your death, they could leave assets inherited from you to their new spouse. If you're making a will and you are concerned about this possibility, you could put in place a defeasible life interest trust under the will. This would allow your spouse to benefit from your assets during their lifetime if they should survive you. But you assets would be managed by your trustees in accordance with your wishes and so protected for your children or other beneficiaries. For this kind of planning to be effective, attention must be paid to appointing the right people to act as executors and trustees. If your surviving spouse is appointed as sole executor and trustee, they could use powers under the will to appoint assets outright to themselves.
If you leave assets to your spouse on your death, generally he or she will be free to do what they like with them. If your spouse should remarry after your death, he or she could pass assets inherited from you to that new spouse. If you are making a will and you are concerned about this possibility, you could set up a defeasible life interest trust under your will.
This would allow your spouse to benefit from the assets in your estate during his or her lifetime if he or she survives you but the assets would be managed by your trustees in accordance with your wishes so that they are protected for the benefit of your children or other beneficiaries.
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Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
If you leave assets outright to your spouse under your will, generally they will be free to do what they like with them. If your spouse should remarry after your death, they could leave assets inherited from you to their new spouse. If you're making a will and you are concerned about this possibility, you could put in place a defeasible life interest trust under the will. This would allow your spouse to benefit from your assets during their lifetime if they should survive you. But you assets would be managed by your trustees in accordance with your wishes and so protected for your children or other beneficiaries. For this kind of planning to be effective, attention must be paid to appointing the right people to act as executors and trustees. If your surviving spouse is appointed as sole executor and trustee, they could use powers under the will to appoint assets outright to themselves.
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