As children, visions of the future are simplistic, but for many, the dream and the reality don't quite tie up and parental marriages all too often end in the divorce courts. Sometimes a new romantic relationship will develop for one of the parents, perhaps one that will last forever, and with it an increasing likelihood that they will be faced with the prospect of taking on step children.
If this new relationship leads to long term commitment, then it is advisable to consider the rewriting of an existing Will. Clearly, ex-partners will be removed and new partners added, but in some cases, the step children are forgotten or deliberately omitted. If you wish to include your step children in your Will, stating clear wishes which cannot be misinterpreted can save time and further complications for your grieving family.
Some of the most common clauses for Wills which involve step children include:
• The acceptance that all of the children involved will be treated equally. Both partners have Reciprocal Wills which leave all assets to the other partner. When the surviving partner dies, all of the children concerned will then receive equal percentages of the estate. Should both partners die together, then the same applies. This would be the expected outcome of any married couple with children bourne out of that marriage, so in this scenario, the 'step' issue is being overlooked, and the couple agreeing that on the grounds of fairness, no definition is made between each other's children.
• Lump sum payments are to be paid on the death of the biological parent. If your spouse dies first; instead of you becoming the sole beneficiary, the Estate will be shared with their biological children at the time, on the understanding that ties with you are then ended. This could be anything from £1000 to each child or £1,000,000 to each child. Bear in mind if you agree to this option, as the surviving partner your will have to ensure payments are made in line with the wishes of the deceased. Potentially any property can be sold to cover these wishes, and you could lose more as financial situations can change quickly.
The standard practice in this instance is for both partners to have Reciprocal Wills, but be sure to take advice and consider the options carefully. Wills are contested, and the process can be often unpleasant for all involved. It is worth making sure that adult children know your intentions well in advance, so that any grievances can then be dealt with by the biological parent.
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