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Blended family,shared house,will advice please

(3 Posts)
Keepon123 Tue 18-Oct-16 10:54:31

Trying to sort out wills on property that is owned 50/50 with partner but as we invested unequally in the house there are deeds of trust to protect our respective investments i.e. In the case of splitting up and selling the house the equity would be split as per the deeds of trust (with us each getting back what we put in to the house) with any remaining equity being split 50/50.

Wrt wills we don't want any of our children to be worse off financially than if we weren't together (this is why we are tenants in common on property rather than joint tenants as it would be unfair for dp's investment which was substantially higher than mine to bypass his son and go to me&my dc in the event of his death) so looking for fair options/suggestions on what to do with regards to our shares in the house in our will?
For context my children live with us full time with regular contact to their dad who has shared parental reaponsility with me so I assume they would go to live with him,
Ss lives with his mum and has regular access to dp,so he would continue to live with his mum in the event anything should happen to dp.
I'm not sure if I in particular would want a 'right to reside' clause written in to the will as not sure I want to be in a position where me and my children were forced out of our family home if dp was to pass away.

I'm sure any will would need to be rejigged once married anyway as marriage trumps deeds of trust....
Oh the complexities of blended families!
Any help much appreciated.

Keepon123 Tue 18-Oct-16 11:00:17

Just to clarify - both of us are agreed that we want to leave our financial investement in the property to our respective children,but both confused as to exactly how that would work,e.g.seems a bit strange owning a property with a child (and wouldn't trust having exh as trustee for the kids as fairly acrimonious between us and I do not trust him one jot), would the surviving party have to 'buy' the other child/ten out to remain in the property?how would the life insurance paid out to our estates be used?to clear the mortgage?making it affordable for the survivor to remain in the house?so confused!

Aderyn2016 Tue 18-Oct-16 11:03:27

I think you need to get proper legal advice.

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