Protect your childrens’ inheritance from becoming someone else’s gravy train

Recent news stories surrounding conflict over the Estate of the much-loved actress, Oxo Mum, and TV personality Lynda Bellingham, who died just over a year ago, have very clearly highlighted why it’s SO important to have an up-to-date Will that reflects your current circumstances and future wishes – especially if you enter into a second or third marriage, and already have children.  It has been reported that Lynda’s third husband, Michael Pattemore, has been spending thousands of pounds, inherited from Lynda, travelling the world.  And now this week he has apparently purchased an 8 bedroom mansion – while her two sons, Robbie and Michael, (from a previous marriage) have allegedly been evicted from the family flat where they’ve been living since their Mother’s death.   According to Lynda’s sons, Michael has not let them see a copy of her Will, and has given them a mere £750 each from her Estate.  Legally, it seems, he has the right to do this – even though family and friends are convinced that this was never Lynda’s intention when she made him Executor of her Estate, with the expectation that he would ‘look after Robbie and Michael’.  Unfortunately, giving step-parents sole charge of the money pot and hoping that they will always do the right thing, can often lead to disputes like this.  But giving it to the children and hoping they will make sure the surviving spouse is okay is just as dangerous, and could also lead to a huge tax bill.  In hindsight maybe Lynda should have taken advice from a specialist Wills Solicitor.  I could have explained to her how we can prepare Wills that protect the surviving spouse, but ensure that in due course everything passes to the children and not to the spouse's family – and as a bonus death taxes can often be minimised at the same time.   Had she taken advice, this distressing situation would never have arisen, and what looks likely to be a publicly fought court battle could have been so easily avoided.