Life Interest Will

An efficient way to prevent your children's inheritance from being accidentally diverted away from them.

The main provision of a Life Interest will is that you leave an asset to someone to use for their lifetime only, and afterwards it will pass to the next beneficiary in line.

For example, you can leave your spouse or partner the right to live in your house for life, with your children then safely inheriting it. You can also leave a life interest in your share of a property you own with someone else, such as if you co-own your home with your spouse or partner. 

A life interest in a property gives the right to live in, or receive rental income from, a property. A life interest in savings and investments gives the right to receive the interest or investment income for life. 

This works very well if:

• You are a blended family and you want to give your spouse or partner security for life while safeguarding your children's inheritance, or
• You don't want your children's inheritance to be diverted away from them if your spouse remarries after you have died, or
• You are concerned that your children's inheritance may end up in the hands of the local authority if your spouse goes into a care home after you have died.

A Life Interest Will costs £360 if you are a single person, and £580 between you if you are a couple. It incudes updating the title documents to your main residence with the Land Registry.