New ‘silver nups’ agreements essential for re-marrying parents
The ‘silver nup’, a new kind of prenuptial agreement which helps adults marrying for a second or third time to avoid inheritance disputes, is fast gaining popularity across Britain, inspired by inheritance horror stories highlighted by the press.
With an increasing number of wills and inheritance disputes finding their way to the High Court, Britons are increasingly realising the importance of prenuptial agreements and many are beginning to turn to ‘silver nups’ to protect their assets when remarrying a new partner.
‘Silver nups’ allow remarrying adults to ensure that their legacy is preserved for their children as they wish – and that assets do not go to a new spouse or step-children in the event of their unexpected death.
The introduction of the new agreement follows reports of increasing numbers of disgruntled children unfairly disinherited by their step-parents – despite their biological parents’ original intentions.
In the event of an unexpected death, there is often nothing to prevent a surviving step-parent from re-writing a will to leave out children from previous marriages.
Recent reports have highlighted that remarriage is one the most common ways that people in the UK are disinherited.
Jo Edwards, chair of family law association, Resolution, commented: “For those who have been married before, and especially where there are children from that first marriage, they are more likely to want to preserve assets by entering into a prenup – perhaps through a combination of ‘once bitten, twice shy’ but also to protect wealth so that it can be passed on.”
People considering remarrying in later life are strongly urged to seek advice on ‘silver nup’ agreements.