Legacy for Generations: What are considered bloodline Wills?
With complex family structures now commonplace, a bloodline Will ensures that your estate passes to the next generation. Protecting your wealth from being passed on to others not related to you. We look at what are considered bloodline wills.
Remarrying or starting a new relationship with someone but already having children from a former relationship, brings real risks. Your children could lose out when it comes to inheriting your estate. Marriage invalidates an existing Will. If you die without a Will, the bulk of your estate, if not all of it, passes to your new spouse.
Leaving all or part of your estate to a new spouse in a Will made after you marry, means it is even more likely that your children will inherit nothing. Your new spouse may agree to leave your money to your children in due course, however they could change their Will afterwards. Alternatively, they may remarry or simply lose the money through debt, poor financial management or as a victim of fraud.
How can a bloodline Will help?
A bloodline Will ensures that your estate ultimately passes to your children. Additionally you make provisions for new spouses or partners. For example, allowing them to live in the home you have shared for the rest of their lives but they are not able to leave your money to anyone else.
Leaving your property in a bloodline Will
In the case where you and your new partner/spouse share a property that is owned wholly by you or jointly by you both, you can ensure that your share passes to your children in due course.
There are two ways of jointly owning property. If you hold it as joint tenants, then on the death of one of you, the property is automatically solely owned by the survivor. Property held as joint tenants does not pass in accordance with your Will.
Jointly owned property needs to be held as tenants in common if you wish to protect your share for your children. A tenancy in common will specify the amount owned by you, for example 50%. This passes in accordance with your Will. If you do not have a Will, your share passes in accordance with the Rules of Intestacy. This is not advisable.
Use your Will to specify what happens to your share of the property. Often, Individuals who have remarried want their new spouse to be able to continue to live in their shared home.
With a bloodline Will, when the property is ultimately sold, your share passes to the beneficiaries named in your Will.
This is known as a life interest trust. Also, you may leave money in trust for your spouse or partner if you wish. The income could provide for necessities during their life. However, they cannot leave the capital to anyone in their own Will. When they die, the capital passes to your choice of beneficiaries. As previously specified in your Will, this could be your children.
Making a bloodline Will
Make a bloodline Will to ensure that children do not miss out on their inheritance. You are strongly advised to speak to a Wills expert. It is important that a Will is carefully drafted to suit your unique circumstances.
There are also other issues to take into account, such as making reasonable financial provision for a spouse or partner. Consideration is needed as to the a risk of a claim being made against your estate if they are not left anything in your Will.
Severing a joint tenancy and becoming tenants in common allows you to deal with your share of your home as you wish. The other owner’s consent is not needed to do this.
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