Second marriage, both have kids. I want to do a will to ensure mine are covered on death. Husband doesn't want to, even though I've mentioned it numerous times. Should I just go ahead and do a single one?
Husband isn't good with money. We both bought a house with similar equity. House held jointly. I love him, but he's not good with money, and I just don't trust he'll look after my kids entitlement.
I wouldn't want husband to go without but I wouldn't want my dd to lose 100k either.
I think if I discussed with hubbie he would argue that I'm being tight to his kids as they're share would be less (more kids), however I feel I should protect mine.
You need to check how you hold the title to your house. You need to hold it as Tenants in Common in order for your share to pass to your children. If it's held as Joint Tenants your share would go to your husband assuming he's still alive.
You need to structure your will so that your half share passes to your husband in a life interest trust if you die first. This means that he will have the right to live in it or receive any income from it for the rest of his life (or until remarriage if you specify this).
The will also states what happens to the capital on your husbands death (or if you die second). It would pass to your own children in those circumstances.
This is standard will planning for those in your circumstances. You should choose a solicitor with experience in this area (certainly step qualified) as it is a little more complex than simply everything to husband.
Things to think about:
- your house must be held as tenants in common for this to work (ask the solicitor who bought the house to confirm if you don't know). If you hold as joint tenants you can sever this.
- identity of trustees of the trust for your husband. You can have your husband but should also have one other who will look out for your daughters interests.
- costs of repair etc. Your husbands trust would be liable for the share of repair and maintenance that relate to your share of the property, so any cash or investments you have should also be left in the same trust so repairs can be funded.
I would recommend that you are tenants in common too. This is what we have in our will. The person who set up the will sorted it. It cost us about £700 but it means we both own half the house each. My half is protected for my children, so say for example, I died and then my husband had to go into care. My part of the house cannot be used for his care. My children's inheritance is safe.
My dad had a mirror will with his second wife. They loved and trusted each other so left it all to each other with the trust that when the surviving partner died it would be shared equally. When dad died we thought nothing of it, but the when she died we found she had changed the will (because of course she could as it's now all hers) and if I was a bitter person, I'd say she fucked us over.
Please get this sorted. I know it's quite expensive but it's really worth it for the sake of your piece of mind and your children's inheritance.
Thanks hipster I totally agree we need to, but he doesn't think its necessary. I know if i tell him what i want to do it will cause an argument - but i guess thats another issue in itself. I know in myself i need to make an appt, tell him what i intend to do and then its up to him whether he does one. Ultimately i think that could finish our marriage which i guess would say it all
If you have no will, on marriage your asserts are split as half going to your spouse and the remainder being split for your DC.
Except where you are going tenats, when everything goes to him as the surviving joint tenant.
You can get a single will leaving your half of the house to your DC. You can also sever the joint tenancy and change to tenants in common (so you can control who gets your half). From memory, this was a simple letter to the other owner and a form lodged with the land registry.
If you live in England, the government website says:
The husband, wife or civil partner keeps all the assets (including property), up to £250,000, and all the personal possessions, whatever their value. The remainder of the estate will be shared as follows:
the husband, wife or civil partner gets an absolute interest in half of the remainder the other half is then divided equally between the surviving children If a son or daughter (or other child where the deceased had a parental role) has already died, their children will inherit in their place.
Thanks all, I have made an appt. i am going to be upfront about my wishes and if that doesn't go down well I guess that means something. Equally, I understand the implications if he goes along the same route for me.
Would it be possible to specify an amount that goes to mine and an amount that goes to his (ie. What we initially put in) with the proviso the living person can remain in the house. then the remaining goes to the living relative, then if there is anything left at the end it is split between all?
Have you explained he needs to be on board so it protects his children too? Otherwise, if he went first you get the lot and could give all to your dd. Maybe putting it like that may help him realise the importance.