I have recently remarried. How do I ensure my daughter from my previous marriage, inherits my half share of the property which I own jointly with my new husband?
We cannot predict unforeseen events which may arise in the future. If you make a basic Will leaving your property to your husband assuming he will leave a share to your daughter in his Will, then it is important to understand your husband is free to change his Will at any time in the future. If this happens then there is no guarantee that your daughter will inherit anything.
The safest and fairest option to ensure that your daughter inherits your half share of the property is to set up a Life Interest Trust Will. Your property must be held as Tenants in Common meaning it is owned in equal shares or unequal shares based on the contribution each person has made (as opposed to joint tenants where the property automatically passes to the survivor and it is assumed that the parties own equal shares).
A Life Interest Trust means that upon your death your daughter will own your half share of the property. Your husband would have the benefit of the right to continue living on the property for the rest of his life.
Another advantage of this type of Will is that if your husband needs to go into residential care, then the local authority will exclude your daughter’s half share of the property when assessing your husband’s assets, thus protecting your daughter’s inheritance. When your husband dies, or indeed remarries, the trust will end and your daughter will receive her inheritance in accordance with your Will.
For further information please contact our Wills & Probate team.