What to do about the will when one child still living at home?

[DetailMouse]

Currently my will says everything to 2 DC equally.

DC are both young adults living at home and I hadn't really thought beyond them both continuing to live in the house if "anything" happened to me.

DS1 is about to move out into rented accommodation.

I was thinking give DS2 the right to live in the house, until he's ready to leave? Or for 2 or 3 years? However, I imagine, quite reasonably DS1 would want his share to go towards a house purchase.

DS2 is only 18yo so even with half the house, is unlikey to be able to buy himself somewhere else.

WWYD? My sole aim is to make sure they both have somewhere to live and that I don't leave a situation that will lead to them falling out!

Leave it equally to them both. Don't give rights for one to stay. It creates a whole raft of issues

@freshcarnation

Leave it equally to them both. Don't give rights for one to stay. It creates a whole raft of issues

Absolutely I was thinking give DS2 the right to live in the house, until he's ready to leave so you'd basically be giving ds2 the house?

You can leave it to them both equally but also include a proviso that they both have the right to live there until the youngest is 25/12 months after your death whichever is later for example.

What? You want to disadvantage one of your children because they've moved into rented accommodation? Really?

Obviously, you leave everything equally between the two. Anything else would be exceptionally unfair.

God no! 50/50 is fine. Imagine the fall out. He will have money to rent a place. By the time you die he could own 2 houses and be married with 3 kids.

You're basically saying you're going to give youngest son your house...

I stipulated the house couldn't be sold before the youngest was 25. An adjustment period is needed if they are young and there's no father on the scene.

It was all irrelevant anyway. I lost 3 years ago. Parents don't always go first.

I'm sure I read somewhere that wills should be reviewed every 5 years as circumstances change.

Leave the house 50:50. If it’s sold, then ds will have enough to put down a deposit on a house, or money to rent somewhere. Maybe stipulate. It can’t be sold until dc2 is 21.

My mother in law has in her will that BIL (who is a 40 year old single male) can stay in the house for 10 years after her death, which seems like a quite unfair condition to me, thankfully DH doesn't seem to care! No idea what happens to the upkeep or repairs the house might need in those 10 years, if the house is split 50/50 should repairs also be, despite only one person benefitting from living there?! Seems like a nightmare scenario for the future!

Don’t give rights for someone to live there as long as they wish, they could stay the rest of their lives. I’d out say two years on it max.

Leave your will as it is otherwise you will cause a rift between the children. It should be 50/50 and then leave them to sort themselves out should the worst happen.

Yes and you need to then articulate how repairs are paid for.

It really is simplest just to do it equally and let them work it out together.

@mrsm43s

What? You want to disadvantage one of your children because they've moved into rented accommodation? Really?

Obviously, you leave everything equally between the two. Anything else would be exceptionally unfair.

No I want to avoid an 18yo being homeless at the same time as losing his mum.

I would keep it as 50/50. My bf's relative still lives at home at 42! But the will states that it is divided by the siblings although I bet this particular one thinks he will continue to live there forever.

But if the house isn't sold, will your youngest be able to afford to maintain it? Bills, maintenance etc. Or will your older one be expected to contribute to maintenance/bills until its sold? What if the younger one wrecks it or never moves out or something expensive happens? Then the older one is screwed over.

You've not said anyone has SEN, so the generic expectation is would be that they eventually fend for themselves. In which case split 50/50 if one isn't ready to buy, the money can go for a housing deposit when they are ready or pay rent for them. It can be easier to be in a small flat when moving out then a family home as there's less stuff to clean.

I think that you're looking at the situation as of today, when you still have a young son, comparatively, to manage such a loss and the financial implications.

So, unless you have a condition where this is a relevant consideration today, I'd make an assumption that this is not likely in the next day 3 to 5 years. That gets your child to early 20s.

So with that assumption, I think that I'd still divide it 5050,with the caveat that all the time one of the children are living there it cannot be sold. But to be fair to the children, that preparations to sell need to be made from 34 months of the reading of the will. That gives a safety net and a timescale that both know where they are and it doesn't tie up their inheritance indefinitely but long enough to contingency plan without knee jerk reaction.

@ChoiceMummy

I think that you're looking at the situation as of today, when you still have a young son, comparatively, to manage such a loss and the financial implications.

So, unless you have a condition where this is a relevant consideration today, I'd make an assumption that this is not likely in the next day 3 to 5 years. That gets your child to early 20s.

So with that assumption, I think that I'd still divide it 5050,with the caveat that all the time one of the children are living there it cannot be sold. But to be fair to the children, that preparations to sell need to be made from 34 months of the reading of the will. That gives a safety net and a timescale that both know where they are and it doesn't tie up their inheritance indefinitely but long enough to contingency plan without knee jerk reaction.

Their father died last year at 54. I've no reason to expect I'll go the same way but the possibility is very real

Why dont you put a caveat- something like the house baby be sold until at least 18 months after my death and the you get needs to be at least 23 years old when the house goes up for sale.

Obviously I mean.
Cant be sold til 18 months.

And youngest needs to be at least 23

I understand what you are trying to do.

I would leave the will at a 50/50 split.

You could include a provision that if either child is living in the house at the time of your death they get a fixed period to remain in the house before it can be sold. You could consider linking it to age (eg 21 or 25) but this may not work out if say one leaves and returns later. You could also link it to remaining in full time education (say to have a right to stay while in full time education or until 6 months after leaving full time education) but this could be abused. You could even consider a combination of these measures, so whichever is later, age 21, leaving full time education or a year after your death.

You need to remember that the older one could return and the younger one might move out. Their circumstances may not remain the same. You may be best to trust them to sort it out themselves unless you are likely die while one is dependent.

@Themadcleaner

My mother in law has in her will that BIL (who is a 40 year old single male) can stay in the house for 10 years after her death, which seems like a quite unfair condition to me, thankfully DH doesn't seem to care! No idea what happens to the upkeep or repairs the house might need in those 10 years, if the house is split 50/50 should repairs also be, despite only one person benefitting from living there?! Seems like a nightmare scenario for the future!

It might specify in the will that the house should be kept in a good state of repair, be insured and they can only stay as long as they remain single. My mums will said that about my stepfather.

@DetailMouse
Their father died last year at 54. I've no reason to expect I'll go the same way but the possibility is very real

Ij that case my caveat to my original advice would be to add that if under x years that this period is extended until x point.