Wills question..

[Fluffyhairteddy]

Hi all

A quick question. I’m not married but cohabiting. If I leave all of my estate to my children (3 of them) in my will and some of them are under 18 at the time of death will my house (owned outright by me and to be left in equal shares to my kids) have to be sold immediately and split or can my children continue to live in this until they are of age? The house is owned solely by me. Thank you x

You need legal advice, but it could be that the property would need to be held in trust for them.

What would happen to your partner if you died? Who would you want to care for the children?

It’s slightly complicated because two of the kids would be looked after by their bio father but my third child would be looked after by GPS.

Thanks mustard. My concern is that the trust structure attracts an additional tax charge which I would rather not have to saddle my beneficiaries with if possible.

Who would be paying to maintain the house that they are living in? I think you'd need money put aside for that if they were to remain living there, especially if only 2 out of 3 were staying in the house

Have you got a life assurance policy which could be used to help financially if you did die before they were 18?

Could it be arranged that the house was rented until the youngest was a certain age, with the income saved for repairs and anything remaining to go to them?

It's horrible to think about all this, isn't it? You'll feel better once it's all planned.

How old are your children now?

Hi. My Dad has told me he wishes to skip me & my siblings from his will & leave everything to the grandchildren. The money will be left in a trust fund if he goes before they’re 18. I feel upset about this. Anyone been in the same situation??

You can leave the house in trust until the youngest is an adult - you need a solicitor to give you the right advice really. You'd need to appoint a trustee.