mortgage and inheritance

(12 Posts)
Rindercella Sat 13-Jul-13 10:14:05

Get wills sorted out everyone, please. I know an awful lot of widows and widowers, and some of them have been bitten so badly by not having had precisely this sort of thing legally covered by wills. To lose your partner is devastating, to then have to lose your home as well would be a double blow.

A lot of it is about trust too. In our wills, my late DH and I agreed that everything would go to the other, on the agreement that our children would then all benefit equally when we both died. He had one DS from a previous marriage and we had two DDs together. Since he died, I have redone my will so that my DSS inherits a third share of my assets (property), and my DDs will have a third share each too. But I also have ample life assurance, in trust, for my DDs.

I think Mumblechum on here is a highly recommended will writer. You really do need to think about all eventualities, especially when you are part of a blended family.

needaholidaynow Sat 13-Jul-13 09:53:08

Eliza I am the same, in the event on my death it will just be my children that benefit from my life insurance pay out.

That money will be split between the two of them, but neither my DP or my SD will benefit from it.

If I ever do inherit anything from my dad, such as the house, that will all go to my children as well when I eventually die. I am sure my DSD has family who think of her just as highly when it comes to inheritance, but anything in my name goes to my boys.

Eliza22 Sat 13-Jul-13 09:28:22

Thing is Riverboat, whilst it's not great to have to envisage your early demise (or that of your partner), there are points to consider with step/combined families that "normal" families need not consider. I know, for a fact, that without having made this will, if DH died suddenly, my youngest SD would see me and my son out on the street.

On the other hand, if I suddenly die, my son (and only he) will receive my life insurance figure. It will not go to my DH and will therefore NOT be divided, on his eventual death, 4 ways.

riverboat Fri 12-Jul-13 19:36:01

I'm interested in this, as DP and I will buy a house together in the next few years, and he has a DS.

We are in France though, where inheritance is very regimented, its almost impossible to NOT leave assets to children as far as I understand, though am hazy on details.

If course I want DSS to eventually inherit all of DP's assets, but have a horrible vision of us buying a house together, DP pegging it, and me losing everything as too poor to buy out pre-teen DSS!

I'll have to do some research on this, definitely. Though in reality I don't think its worth getting TOO hung up on what may happen in the event of an improbable premature death.

needaholidaynow Fri 12-Jul-13 17:04:14

I'm interested to know as well, because my dad has a new partner and he has the house we all grew up in, almost finished the mortgage. If they marry will everything go to her?

Crikeyblimey Fri 12-Jul-13 16:44:05

Song??? That should say "isn't"!

Crikeyblimey Fri 12-Jul-13 16:43:26

Eliza - I know this song your thread but wouldn't a more fair split be that all 4 children get a quarter of your dh's half and your ds gets all of your half?? Presumably your dh's 3 other children will inherit from their mother??

Eliza22 Fri 12-Jul-13 16:39:04

We've made a will. If either of us dies, the other lives in the house until their death. Any monies are then divided 4 ways between his 3 and my ds.

This is fair as I put a quarter share in when I moved in. I feel that ds would only be getting "my bit" returned to him and I'm not taking any of the step kids inheritance, as it were.

OddBoots Fri 12-Jul-13 16:15:54

There are many variables but the most harmonious option would possibly be getting life insurance sufficient to allow the spouse to keep the house while the children still get the value of half of it.

LIZS Fri 12-Jul-13 16:10:25

Depends how the ownership is set up but if you were married it would pass to you if he left no will , otherwise it will go to next of kin.

stepmooster Fri 12-Jul-13 16:06:46

you are not my dad's girlfriend are you??

I think it depends on whether you are tenants in common or if you jointly own the house. If latter, then if one of you dies the other person gets the house. If you are tenants in common you can leave your share to whoever you like.

Probably best to get some legal advice, my father and his girlfriend have gone down the tenants in common route, with the stipulation that the remaning spouse is entitled to remain in the property until they sell/death. So my father's share will be split 50/50 with my sister and I, and my stepmother will leave her share to her own children.

If you die intestate, I have not idea what happens, are you married?

stella10 Fri 12-Jul-13 14:17:42

What happens if u have a mortgage with someone who has children from previous relationship and something happens to one of u. I.e. Him!! They are grown up daughters but would they be entitled to anything or would I keep the house? It would be a joint mortgage in both our names

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