If you have children from various marriages you may wish to offer security to both your present spouse and your children from a previous marriage. You are concerned that if you leave everything to your wife she may later not secure the position of your own children an instead only look after her/his own children. Likewise you do not wish to leave your assets to your own children because you wish to offer security for your wife.
There are various ways to achieve security for al parties and the system we should choose depends on your particular circumstances size of the estate etc. We would sit down and discuss the pros and cons of the various potions.
A good inexpensive system is to use is Life possessions which are particularly useful when the major part of the estate consists in real estate.
Basically what we would do is that in your will in respect to the real estate you can leave final ownership directly to your children but with a Life possession in favour of your present wife.
In this way your children will not have any access to the property or to any income produced by it (via rental for example) while your wife is alive but will become the full owners on her death .
This system is also very beneficial from a tax point of view.
