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Making a will - seriously worried, separate finances, small children, husband in debt

(8 Posts)
littlecrystal Tue 22-Jan-13 23:33:37

I would appreciate an advice. I have 2 children under 5, mortgage and house on my own name, separate accounts with husband... And an husband who has lots of credit cards and just took a personal loan of 15k behind my back. I have always wanted to make a will, but now seriously worried that if I die and he is a beneficiary, he will use the equity in my house (currently 70k) to cover his debts and whatever, and my children will eventually receive nothing. How can I make them the only beneficiaries?

missedith01 Tue 22-Jan-13 23:42:07

What were the circumstances of the purchase of the house? Does he contribute to mortgage or other household expenses?

littlecrystal Tue 22-Jan-13 23:54:46

He was not working and did not have an immigration status when I bought the house. Now he transfers a certain amount for childcare every month to my account, pays for tv license and car insurance (the car is his). I pay for everything else. He makes sure his finances are separate.

Collaborate Wed 23-Jan-13 07:29:57

Make the children the beneficiaries of your will, and make a trusted relative the trustee. Speak to Mumblechum.

littlecrystal Wed 23-Jan-13 09:32:14

Thanks missedith01 and Collaborate. It sounds complicated. I want DH to manage the property, but don't want him to inherit (and spend or pay his debts and leave children without anything).

I have PMed mumblechum - hopefully she will be able to help.

mumblechum1 Wed 23-Jan-13 10:23:53

Hi Littlecrystal, I don't seem to have received a PM. Perhaps you'd like to email me through the website which is on my paid for advert (

You have various options, the most sensible of which would probably be a life interest (which means that your husband could continue to live in the property until his death or remarriage), or perhaps, if you are concerned that your children inherit before your husband dies, you could give him a right to reside, which would end on any date you wish (perhaps the youngest's 18th or 21st birthday), at which point the house is sold and the money distributed either between just the children or between them and your husband.

I suggest that you make sure that the mortgage is insured, otherwise if your husband doesn't pay it the house will be repossessed no matter what you put in your will.

toosoppyforwords Wed 23-Jan-13 10:31:52

Myself and my Dh sought legal advice on writing a will and this was a great help - she was able to come up with all sorts of questions for us to really think about how we wanted to split things.

We decided to split our house 50:50 (we both earn roughly equal and have always contributed equally) and hold as tenants in common. In the event of my death my husband would keep his 50%, my 50% share of the house would be held in a trust for my children to inherit and he could continue to live in the house until they were 21 . We also put other things into the trust as well, around safeguarding assets for school fees and so on.
My husbands will is a mirror of mine

I felt this was important as i have seen too many cases where one partner dies, the other automatically inherits, subsequently remarries and later dies without a will and everything ends up with the new wife. I was adamant that that was not going to happen to my children.

Seek expert advice - we did not find it was too expensive, and definitely worth it

littlecrystal Wed 23-Jan-13 11:09:22

mumblechum I just now noticed that your username has changed to mumblechum1, perhaps that's way the PM did not go through. I will search for your email on the website.
toosoppyforwords thanks too for your 2 pence.
It defo needs a professional attention which I am going to seek shortly.

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