I am a 75 year old male, with a current, valid will , a second wife who I have been married to for 30 years and 3 grown up children
We are sensible with money having both worked hard to built up assets, however their is an age gap with my wife, and therefore some of these assetts were gained before I met her, although she has more than contributed since our marriage.
I recently gifted my children substantial amounts to help pay for necessities, unfortunately all I managed to do was fill a spending gap and the money was wasted on luxuries, instead of attending to the necessities they said they needed it for,
My aim is to ensure my wife of 30years receives the whole of my estate, including other assetts , upon my death, without contest from my adult children from a previous marriage to whom i have already gifted substantial amounts. If we die ‘together’ they can have it my 3/4 of the estate (my will reflects this) as it wont matter then
I have as yet an uncrytallised pension ( i have completed an expression of wishes)
and two commercial properties held in my personal name (not ltd).
They are both let..one is a residential buy to let, the other a small guest house/hotel
I have looked at 3 ways of achieving this goal.
A. Do a transfer of equity whilst i am alive....upside...we know where we are. Downside...cgt later for my wife.
B. Leave in will..(which I already have)....upside , no cgt to pay, downside...wills are contestable these days , more so than ever, as one of my good friends recently discovered, although I have had mine thoroughly checked and added a statement of wishes just in case.
C. Is there a third way? A trust or something?...i dont know the upside or downside of this, so was hoping you might tell me