What about my children from my first marriage?

In a second marriage, a pension can end up with the wrong people if nobody checks the paperwork. Martin wants his £450,000 pension to look after his wife Carol first, then pass to his own children. If he names Carol, there’s no inheritance tax when he dies, but she decides who gets what’s left. If he names his children, his wishes hold but about £50,000 in tax is due sooner. The video looks at both choices, and at a trust. It also explains why a Will usually doesn’t decide who gets a pension, and why a form Martin signed in 2004 still names his first wife.

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