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will writing for unmarried couple.

(6 Posts)
justbeme Fri 14-Sep-07 18:54:50

I am going to get a will made soon but just wondered how others in a similar situation had set theirs up.

I have one DD with my ex husband and another DD with my current partner.

On death how have you and your current partner split things up amongst your DC's/partner?

I worry that if I left it all to DP then if he met another women and say married her, then my DC's would lose out, but if I leave say half my estate to my DD's and half to DP then the house may have to be sold so the childrens money could be put in trust? and to have to sell your house when youve just lost your partner isnt ideal.

I will be taking legal advise but just want some starting points.
Thanks.

Tinker Fri 14-Sep-07 19:01:03

Oh, I'm in a similar position. Drew up my will last year. Have 1 daughter already and another with partner. Was worried that if I died first daughter could force sale of house to get "her" money and leave partner with only his half.

Have set it up so that partner lives here until death or incapacity or meets someone else if I die first - ie he can't be turfed out. But, essentially, any inheritance from me would be split between my daughters on his death. I think that's how it is hmm grin

But, your solictor shoudl be able to advise you if you go with your concerns. It was not as simple as I thought it would be - a lot more to consider than I first thought. Of course, all bread and butter to your solicitor though

justbeme Fri 14-Sep-07 21:17:48

Thanks Tinker - any one else got any other set ups?

ellehcim Fri 14-Sep-07 21:22:48

Not a wills specialist but the way Tinker has things set up is how its usually done. The will says that the remaining partner has the right to remain in the property for life if he/she wants to. Get it sorted out quickly to avoid problems if the worst happens. Wills are essential for unmarried couples with property because if you die intestate (without a will) the estate might not go where you want it to.

faylisa Sun 16-Sep-07 06:49:48

As has already been said, it is ESSENTAL that unmarried couples have a Will in place as otherwise the survivor could be left with nothing.

A common solution is to leave the survivor a 'life interest'. That basically means that the survivor has the use of the deceased's money and assets until the survivor's death, but can't dispose of the capital - therefore they can, for example, live in a house or receive the income generated from any money that is invested. They cannot, however, give the capital away either in their lifetime or by their own Will. The life interest can be worded in many ways, including so that it ends if the survivor remarries or cohabits.

There are other ways of structuring a Will depending on your individual circumstances and assets, and a solicitor will also advise you on the inheritance tax implications of what you are planning, which can be an important consideration. The best advice is for you to see a solicitor, on your own, and tell him or her all your circumstances.

justbeme Sun 16-Sep-07 17:34:26

Thanks Faylisa! Up so early and able to give good advice too!! smile

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