My partner and I have contacted a solicitor to advise on and draft our wills but I wanted some views on what is practical/fair ahead of that.
We are mid 50’s, together 7 years and moving in together. I’m selling my home, will move into his, giving him half the value of his home from my proceeds which he’ll use to pay off his mortgage (solicitor will do this). The remaining funds we each have will form our separate savings pots. No current significant savings for either of us. Both have pensions but not big. I’m the higher earner but this will diminish over the forthcoming years.
I have a 20yo living at home saving for significant professional training costs. Partner has no children nor nieces/nephews, stands to inherit half of his parents estate. I also co-own another property (value c120k) with my sister with the resident having life interest to remain.
My son’s father is remarried with a young child and a step child, much younger wife. No idea what his will arrangements are.
Should we co-own the shared property as tenants in common, with my share passing to my son and partner having life interest to remain, or joint tenants and I take out a life policy to benefit my son?
I know the solicitor will explain all options but I’m interested to hear how either has panned out in real life for people. I don’t want my son to lose an inheritance (accepting potential for care home fees etc) nor do I want my partner to feel restricted if I predecease him.
Thanks!