When Mrs Poor met Mr Rich

Wednesday, 11 September 2013 00:40 Written by 
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This is a warning to those of you who are in a second marriage and where you both have children from the first marriage.

Now let me tell you a story.

Once upon a time Mrs Poor met Mr Rich. They were both widowed. They fell in love and married. Mr Rich and Mrs Poor-Rich had 2 children each from a previous marriage. Mr Rich and Mrs Poor-Rich visit their solicitor to make Wills. Ignoring the advice of their solicitor about putting certain assets into trust on the first death they decide to leave their estates to each other and on the second death to the four children in equal shares.

Unfortunately for Mrs Poor-Rich, Mr Rich dies of a heart attack. Mrs Poor-Rich, who is now very wealthy, visits a different solicitor to change her Will. She leaves her estate (which includes everything she inherited from Mr Rich) to her own 2 children, leaving a legacy to each of her stepchildren.

Mrs Poor-Rich dies and her 2 children are absolutely delighted to inherit her estate after payment of the legacies.

Sadly, after the death of Mrs Poor-Rich, her stepson dies leaving a wife and three young children. Having just lost a husband and father, they receive a letter from the solicitors informing them that they have been left a legacy of £100!

Morally, the actions of Mrs Poor-Rich were inexcusable but legally they were not.

Make sure YOU have the correct Will in place.

 

 

Read 18411 times Last modified on Sunday, 29 September 2013 17:55
James Mackenzie

James Mackenzie is a Private Client Solicitor specialising in Wills, Lasting Powers of Attorney, Probate and Estate Administration and related tax advice, especially inheritance tax.