Second marriage and wills

GrandmaMoira, if the property was in trust it should make provision for easy downsizing. The property is owned half by the survivor and half by the trustees. If you wanted to downsize both parties would sell and then buy a new property again owning half each. Assuming this released capital, half would be yours to do with as you will, half would be in the trust to invest or pay out to the stepchildren.

Sorry, but in addition to what happens when you die you do also have to think about what happens to your assets if you divorce. Couples who are happy and trust each other now may not be in this situation at some point in the future. I have seen several situations where the children of a first marriage end up losing out on their inheritance because assets which belonged to their parent become joint assets during a second marriage and then go to an ex on divorce to be enjoyed by their new wife or husband. Older men often have another set of children with a younger wife too, so assets you thought were yours can end up with those children and not your own kids.

Unfortunately, where money is involved you can't trust anyone! Or at least that's what I've discovered. For that reason my partner and I are still unmarried after 16 years together and we keep all our assets completely separate so that they will just pass to our respective children when we die. Wild horses couldn't drag me into a second (and in his case third!) marriage!

As you have roughly equal assets, I think neither would win any contested will (things may have changed, but I think if one of you is financially dependent on the other, it could be different). I believe that so long as you both have new wills made up stating clearly that this is in consideration of the new marriage and/or after the marriage, you can both leave your assets as you wish. But if in doubt check with a solicitor (you should be able to get free initial advice, only paying if you take the matter further).

Hi Lynker - you will be able to sort everything but you must seek legal advice. I know people in similar situations who have sat down and told all the 'children' what will happen so there are no surprises. It's also very worth while for 'second timers' to have a prenup (or even postnup) in place to protect assets and children. Hope this helps and you get everything sorted