Hi,
Was hoping you could advise me as I have no clue.
Ex and I have 2 children together. We split about 16 months ago but remain on fantastic terms, he's a good friend and I think the world of him.
Ex is older than me (in his late 40's, i'm in my 20's) He is not the settling down kind. No matter how hard I tried he felt trapped. He'd been in plenty of relationships before he met me, but never married or had kids. Anyway, we are still very much a part of each other's lives, and always will be, but we don't live together or have any kind of romantic relationship, we are just best friends.
He owns 2 properties, he currently lives in one, and rents the other one out. I have my own flat with our children. He pays maintenance and would always help me out financially if I needed it. Long story short, he has a health scare just before Christmas, it's made him (and me) question everything. I would struggle greatly without his maintenance money (only work part time, minimum wage) I really don't know how i'd raise my kids financially, it'd be a real struggle.
He asked me could we have a chat once he was better. He told me he has no life insurance, and feels he needs it as he is pushing 50 and has two young children. He told me he plans to take a policy out that will pay off both mortgages should anything happen to him, and also a policy that will pay a lump sum out to me, to help raise the kids. He also said he is taking a Will out that would leave both properties to me should anything happen. I would move into one property and let the other out apparantly.
Now in theory it sounds great, and gives me some reassurance, but how practical is it, and is it even legal as we are not married and not in a couple? He told me he doesn't plan to ever settle down with me or anyone else, he enjoys his freedom and can't change, no matter how much he may want to. He told me he loves me dearly as a friend and the mother of his kids, and would want to ensure we where all ok should the worst happen.
Can he go ahead and do this with my blessing? Do I inform tax credits of this, as this would look like we are a couple? I don't receive housing benefit or anything, just some working tax credits.
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Life insurance & Wills. Is this allowed?
5 replies
MadeForTVMovie · 03/02/2014 17:03
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