Inheritance is something most of us will eventually pass on, and a Will is the key legal tool that decides who benefits when the time comes. For couples, a common question is whether to leave everything to each other first, giving the survivor full control of the estate. While this can seem straightforward, it can also leave the estate vulnerable — particularly to care home fees, remarriage, or other financial risks that might reduce what children eventually inherit.
At Viva Planning, we often see parents who want reassurance that their family will benefit directly from their estate. One effective solution for couples is a Life Interest Trust Will.
What is a Life Interest Trust Will?
A Life Interest Trust Will allows a surviving partner to continue living in the family home or using joint assets during their lifetime, while protecting the share of the first to pass away. Once the surviving partner dies, that share is ringfenced and passed directly to the children. This ensures assets cannot be redirected elsewhere and provides long-term security for the family.
Deciding Who Should Inherit
Not all inheritance decisions are straightforward. Some parents choose not to leave assets to certain children, either due to family disagreements or because they believe another beneficiary is in greater need. These decisions have contributed to a rise in disputes around probate and inheritance.
Under the Inheritance (Provision for Family and Dependants) Act 1975, children of any age can make a claim if they were financially dependent on the deceased, or if they can show hardship following the death. This means that even carefully drafted Wills may be open to challenge.
Can a Court Override a Will?
Many people are surprised to learn that even a legally valid Will can be challenged and potentially overridden by the courts. However, you can reduce this risk. If it can be shown that the testator (the person making the Will) understood the extent of their wealth, considered the needs of their children, and made a conscious decision about who should inherit, the Will is far more likely to withstand a legal challenge.
The Rise of Lifetime Gifting
In recent years, more parents are choosing to pass on wealth during their lifetimes rather than after death. Rising university fees, high living costs, and a challenging housing market mean younger generations often need help sooner. Lifetime gifting allows parents to see their children benefit directly — whether through financial support, property deposits, or education costs — and can also reduce the overall value of the estate for inheritance tax purposes.
Final Thoughts
While many Wills still follow the traditional route of leaving everything to a spouse first, modern family dynamics and financial pressures mean more people are exploring other options. Whether it’s protecting assets from care home fees with a Life Interest Trust Will, planning for potential inheritance disputes, or making lifetime gifts, careful planning is essential.
At Viva Planning, we help families navigate these complex decisions with tailored advice, ensuring your estate goes where you want it to — with minimal risk of disputes.
