Published on: 27th July 2026

You need a Will - Oh no I don't - Oh yes you do!

Mr & Mrs on second marriages to each other. They buy a house together. They agree to own 50% each. The house is valued at £1,400,000. Mr has £400,000 cash. Mrs has £400,000 cash. Mr has two children from his first marriage (A&B). Mrs has two children from her first marriage (C&D). Mr & Mrs want “everthing to each other” when the first dies and then to A&B&C&D in equal shares when the second dies.

Mr is a big fan of AI and read about spouse exemption when all assets go to surviving spouse. The brother of Mr is a client of Casey & Associates and referred Mr to us. We contacted Mr. He gave us an outline of his situation.We said “you need a Will”. He said “Oh no I don’t”. We said “Oh yes you do”. The meeting turned into a bit of a pantomime.

Mr & Mrs decided to stick with their AI “advice”. This is what happened when Mr died.

Assets of £1,100,000.

First £322,000 to Mrs.

50% of remaining £778,000 = £389,000 to Mrs.

50% of remaining £778,000 = £389,000 to A+B but Inheritance Tax due in the sum of £25,600 so A+B receive £363,400.

Result :

• Inheritance Tax paid.
  
  
• Mrs very unhappy.
  
  
• C&D very unhappy.

If Mr & Mrs had taken the advice of Casey & Associates. This is what would have happened when Mr died.

Assets of £1,100,000.

All to trust. Mrs is the life tenant. A&B&C&D are the equal beneficiaries (and receive their share when Mrs dies).

Result :

• No Inheritance Tax paid.
  
  
• Mrs happy.
  
  
• Children know they will receive in equal shares. All children happy.

If you would like to speak with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868 190 or click here.

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