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House purchase

(7 Posts)
brandyandcoke123 Wed 08-Nov-17 18:48:48

After reading an active thread on here I'm really interested to find out the best way to buy property so that when you die your dc eventually inherit it. Seems in a number of cases, one spouse dies and property of left up other spouse who then remarries and leaves the property to new DH/DW!! What's the best way to avoid this? Can you buy as joint tenants and have some sort of document drawn up that holds property in trust until after death of surviving spouse? Will can be changed so something more concrete?

brandyandcoke123 Wed 08-Nov-17 18:49:42

Sorry for the typos!

Lonecatwithkitten Wed 08-Nov-17 21:49:32

Have a properly draw up will that reflects your wishes.
When I was married if I had died husband would have got the use of my half of the property during lifetime, but the asset value was protected to be passed on to DC on his death.
A good will writer will have no problem achieving this.

GU24Mum Wed 08-Nov-17 21:54:56

The key thing is whether you are joint tenants or tenants in common. the first is like a beachball - you can't divide it up and it passes to the survivor. Even if you have a will, you can't leave your share as you can't split it up, you just pass it on. Tenants in common is like an apple pie - you can each have part of it (and you don't have to have equal parts though that's the default option). You can leave your share in your will (or via the intestacy rules).

It really depends on your view and financial circumstances what you decide to do. You can leave your share to the co-owner for life then to your children...... or various other options.

Hope that helps and makes sense!

Collaborate Wed 08-Nov-17 22:50:06

I like your analogy to beach ball and apple pies. I use the rather boring one of a joint bank account and two separate accounts. Can I borrow yours?

GU24Mum Wed 08-Nov-17 23:03:08

Of course - glad it makes some sense!!

MrsBertBibby Wed 08-Nov-17 23:47:36

That's some mouldy-arse pie, though.

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