When asking people if they have a will in place “I’m fine, thanks” is the most heard reply.

Frustratingly for us, most people think that “the will I did years ago using a pack that they bought in Woolworths” or even “a will I made online” is sufficient to protect their family when the time comes. We know that a simple will offers false reassurance and doesn't do necessarily what you want or think it will do.  

The average UK family wants assets to stay in the current relationship and to pass everything on to the next generation. Your house, your shares, and even the dusty old clock in the corner of the room should all go to those you love. Now that we're living longer, this passage of property happens at a much later time in life than would have done it would have done previously.  

This of course can lead to many more problems. 

Let me tell you a story about Mr and Mrs Miggins.

Mr and Mrs Miggins met in their teens and married in their early 20s. Mr and Mrs Miggins have been happily married for the past 40-odd years and have 2 adult children and 5 grandkids so far.

Suddenly out of nowhere, at 63, Mr Miggins has a heart attack and dies. 

The house and assets pass to Mrs Miggins as they wanted, and she continues to live her life 

After a few years of being on her own, Mrs Miggins meets another widow (let's call him Peter) who is also in his 60s. Peter has his own property and two children. Mrs Miggins and Peter decide to spend the rest of their lives together in a second marriage lasting 25 years. The families all get on and both sets of children and grandchildren visit the new couple regularly. 

Sadly, aged 85 Mrs Miggins dies.  

The question is; what do you think happens to her property?  

As Mrs Miggins is now married to Peter, everything will now pass to him before passing down his bloodline. 

The property that was bought during the 40-year marriage to Mr Miggins that was intended to pass to the Miggins children, but it doesn't. This is sideways disinheritance; the accidental disinheritance of someone's children. 

Can we fix it? 

Hey, as Bob would say “YES WE CAN!”.  

The solution is to write a will that contains a trust. 

This trust means that upon Mr Miggins's death, Mrs Miggins would have been allowed to live in the property but not to own it. Meaning when she remarried, the house didn't become a marital asset and therefore wouldn't pass to him upon her death he's guaranteed to pass to Miggins’ children. 

In conclusion, life can get complicated without you even knowing it. There are so many blink-and-you-’ll-miss-it moments where something you think is protected in place can slip between the cracks. If there is ever a major change in life you need to make sure your wills and estate planning keeps up with you.