Trusts ‘could help to benefit children after a death’
Setting up trusts for children could provide them with financial security after a death, it has been suggested.
A reader of the Manchester Evening News (MEN) submitted a query to its property section asking whether or not her son-in-law’s children from a previous relationship would get anything from his Will if he had remarried to her daughter.
The newspaper’s experts said it would depend on whether or not he had made a Will leaving everything to his new wife, in which case the children would not receive anything from his estate.
Similarly, if the couple’s house was in joint names, it would most likely belong to the surviving spouse after a death and so its value would not be included in the deceased’s estate.
“Ideally, if he ultimately wants to benefit his children your son-in-law should set up a trust, perhaps giving his children a share of his property after both he and your daughter have died,” the MEN suggested.
According to HM Revenue and Customs, understanding tax on trusts can be difficult and it is wise to get professional advice from a solicitor in order to deal with such obligations.
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