Mutual wills - Protecting your inheritance

The sensible way to deal with the anguish of losing control over your money after death is to make Mutual Wills. They are ordinary wills which are covered by a contract where you both agree to follow the terms of the wills even after one of you dies. The contract aspect forms a constructive trust which must be observed by your wife and her executor after you are gone.

Husbands can use Mutual Wills to ensure that their money will eventually be inherited by their children and not some Spanish waiter. Also, husbands can use it to ensure that the children of their first wife inherit their wealth rather than their step children, being the children of their second wife.

Once made, if you want to change a Mutual Will, you must get the agreement of your wife to rescind the contract with her otherwise you are stuck. You could consider divorcing her, which will terminate the arrangement, but after she has died that is not an option.

Once your children know that the money is in the bag, they could marry even more unwisely, or give full vent to their drinking and gambling. Due to your commitment under the Mutual Wills, you would be powerless to stop your money being squandered once it is inherited by your children.

Even if you squandered it yourself, you could mistime this and end up in the gutter with thoughts of suicide. Your wife will be to blame for all of this but as she will be gone, that is hardly much consolation.

Note: Although, this article is directed at husbands, wives are in exactly the same position except that Spanish waiters have a lesser role.


 

 

© Paul.Brennan 2014. All rights reserved.

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