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Will - what age ?

(12 Posts)
FippertyGibbett Sat 28-Nov-20 07:39:00

My DH has a big pension that he will eventually take and he owns half of our house, so he is financially OK.
Therefore he doesn’t need to inherit from me, so I’d like to make a new will leaving everything to be split equally between my children. This is to safeguard my money/house share should he get re-married.
I’ve two questions -
1. My youngest isn’t 16 yet so do I have to choose one of my other children to mange it for her if I die before she is 18 ?
2. What are my options regarding the house ? Should I say that DH can stay in the house until he sells it, then the kids get my half ? Or should I say he can use the money from my half, if he wants to sell and buy another house, until he dies or co-habitates/re-marries ?
Thanks

OP’s posts: |
KihoBebiluPute Sat 28-Nov-20 08:52:48

I would advise some caution here, and maybe get some professional advice.

My DH, in his 40s, lost his dad about 10 months ago. His dad left his half of the house to my DH with stipulation that MiL has the right to live there - this seems to have been an attempt to avoid the value of the house being counted for assessment of care home fees in the event that MiL needs residential care in her final years (which is a totally ridiculous thing to do, as we are not going to sit on an asset worth over half a million pounds and let MiL suffer in the lowest-cost most basic care home the council will pay for, and anyway she may never need it - but that is another thread)

Anyway the legalities of inheriting half a house have been a total nightmare for my DH it has been really complicated with various unexpected issues. Also it would have completely shafted us if we weren't already on the property ladder as "owning" half this house would disqualify us from most of the schemes available to help first time buyers. It may also affect what stamp duty we have to pay if we have to move in future. The legal hoops and paperwork are still causing issues 10 months later.

You may not be doing your child any favours by doing this. Think about the consequences carefully. Do you want your child to have to cope with all this? Also think about your DH's personality - is he genuinely the kind of dick who would let his chil get dusinherited if he remarried after being widowed? If he is, divorce him now, get your half of the assets entirely separated and make an uncomplicated will. If he isn't then consider trusting him to do the right thing by your child if you predecease him?

FippertyGibbett Sat 28-Nov-20 09:10:20

Unfortunately, trusting people to do the ‘right thing’ has led me to this.

OP’s posts: |
FippertyGibbett Sat 28-Nov-20 09:10:59

I don’t mean my husband, I mean relatives in the past. On two occasions.

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Candleabra Sat 28-Nov-20 09:13:35

Professional advice. See a solicitor who specialises in will making.

prh47bridge Sat 28-Nov-20 09:23:04

The first thing you need to check is that the house is owned as tenants in common. If you don't, the house will automatically become your husband's when you die. A common approach to property in this kind of situation would be to leave your husband a life interest in your portion of the house with it passing to your children when you die. That protects your children's inheritance, ensures your husband isn't forced to sell the property and allows him to move if he wants to at any point.

What you do with respect to your youngest is entirely up to you. You can leave the money direct to her or you can leave it in trust for her and name one or more trustees to look after it for her until she is older.

I would strongly recommend getting professional advice.

VictorianChair Tue 01-Dec-20 21:04:30

Yep go and see a STEP solicitor.
I get where you're coming from, DH might be a saint right now but could have a personality-changing head injury or illness through no fault of his own.
But this sort of stuff is complex with all sorts of tax and practical ramifications you have no idea about until you're in the middle of it all.

Phyzzy Tue 01-Dec-20 21:08:14

A common approach to property in this kind of situation would be to leave your husband a life interest in your portion of the house with it passing to your children when you die. That protects your children's inheritance, ensures your husband isn't forced to sell the property and allows him to move if he wants to at any point.
This is what we have done on the advice of our solicitor.

bluebluezoo Tue 01-Dec-20 21:14:07

s he genuinely the kind of dick who would let his chil get dusinherited if he remarried after being widowed? If he is, divorce him now, get your half of the assets entirely separated and make an uncomplicated will. If he isn't then consider trusting him to do the right thing by your child if you predecease him?

He may not intend to disinherit. If he remarries and doesn't make a will before he dies, everything goes to his new wife. Unless they are rich enough to exceed the probate value.

Better to sort a will out according to your wishes than rely on someone else doing it once you’re dead, surely?

papaelf Tue 01-Dec-20 21:15:44

Which country do you live in?

PresentingPercy Wed 02-Dec-20 17:19:36

The first scenario you outline means dc and DH could disagree on what happens to the house. Most people leave assets to DH to avoid IHT if applicable. How would DC pay this if they had to? Get advice and discuss it with everyone. Most wills then leave everything to DCs after both parents are dead. You could give what you have to them in your lifetime by gifts. It’s doesn’t all have to be distributed when you die.

Bamski Wed 02-Dec-20 19:44:42

Lots of well meaning but incorrect advice here OP.

Go and find a professional will writer or a solicitor that specialises in wills.

Make sure they are up to date regarding any IHT changes which astoundingly many aren’t.

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