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Wills and separation

(11 Posts)
norksinmywaistband Wed 29-Jul-09 20:10:59

H left me last week and I have spent the week sorting financial stuff.

This has left me concerned that until we are divorced, our current will( written when married but before DC would still stand.

His name is cuuently on the mortgage(50/50 joint mortgage) and I have some independent savings.

What would happen if I died?

May seem overly concerned about this but my mother died in similar circumstances and my stepfather pocketed all the money never to be seen again

I would want my share of equity in the property and any savings to be put in trust for my DC.

What do I need to do???

norksinmywaistband Wed 29-Jul-09 20:22:26

bump - cos active convos are moving quickly

norksinmywaistband Wed 29-Jul-09 21:23:57

2nd unashamed bump

busybeingmum Wed 29-Jul-09 22:31:05

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busybeingmum Wed 29-Jul-09 22:31:50

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SingingBear Wed 29-Jul-09 22:46:01

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norksinmywaistband Thu 30-Jul-09 08:15:29

thanks for your advice, I had a feeling this was the case
I had best get on with it then, another thing on the list

mumoverseas Thu 30-Jul-09 08:57:44

Hi, sorry about the breakdown of your relationship. You really need to consult a family lawyer as soon as possible to protect your interests.

As others have said, your current will is still valid so in the event of your death, presumably everthing would go to your H.
You have several options. You could make a new will now or alternatively, you could seek advice on severing your tenancy on your house. Basically, when you purchase a property as a married couple, 99% it will be as joint tenants. This means that if one dies, their share will automatically go to the other.
There is however another way of purchasing a property jointly which is as tenants in common (this is more often used if two friends are buying together as opposed to married couples) If purchased as tenants in common, when one dies their half (or whatever share is set out) doesn't automatically go to the other party but in accordance with their will.
It is possible for you to sever the joint tenancy with you H so that in the event of your death (before the divorce and finances are sorted out) your share would go in accordance with your will (which you will obviously need to change) You must however bear in mind that it works both ways, ie if you sever the tenancy and your H dies you won't automatically inherit his share.

Hope that makes sense, sorry if it doesn't but its been a very early morning!

SingingBear Thu 30-Jul-09 09:33:23

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norksinmywaistband Thu 30-Jul-09 09:44:26

Thanks I will definately be making a new will now, my cncern about the joint tenancy thing is at the moment ( think I am right in saying this) If we transfer the mortgage to my name only we are not lable for stamp duty, but if we later do this as tennants in common I am??

SingingBear Thu 30-Jul-09 19:13:37

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