Which is the fairest way to make my will?

[Francelover]

I am in my 60s,married for the second time and we both have two grownup children each.
I have a very close relationship with my two and they both see us regularly, are very supportive and think a lot of my husband as they don't see their father.
My stepchildren don't bother with their father unless they want something. We have close contact with our grandson ( his daughter) as his mother has substance misuse issues.
I have received a large inheritance from my parents and I am really worrying about how to write my will as if I die first it will pass to my husband ( which I have no problem.with) but after his days it could then go to his children.
Has anyone any experience of this and how should I deal.with it?
I would like my children to inherit what's left after our days ( they have already received 15% each of the total.sum as it was my mother's wish,she passed away in 1998 and never met my husband)
But potentially, my DH could change his will after my days if he outlives me.

The only way to protect your dc share is to will it directly to them. If you own the house you can will it to them but allow DP to remain there, responsible for upkeep, for his life time.

why don’t you gif a portion to DH and split the remainder between your dc.

The home we live in will be split between the four children as we bought it together.
I'm obviously happy with that even though we both know the stepdaughter with issues will blow her share but that's how it is.
It's the inheritance that is my concern.
The solicitor said I need to decide what I want before I make an appointment which is why I'm running it over and over in my head.

Two possibilities-

• leave it to your children, not your husband; or
• leave your husband a life interest in the income from the money, with the capital going to your children once he dies.

Unless your husband really needs the money, I’d go for the former. Don’t leave your kids hanging around.

“and I am really worrying about how to write my will as if I die first it will pass to my husband ( which I have no problem.with)”

Why?

I'm on my second marriage.
My husband could do well from a spousal pension payment.
Every other penny goes to my children.
Not his - they’ll inherit from their grandparents and him. They’ve never lived with me - late teens when we met.
There’s a clause in my will that he has a grace period of 6 months before my kids can sell my house - he moved in with me.
He has his own assets so no-one is being screwed here!

But why leave everything to him?

Why not gift your children some more of the money now. Generally people are more in need of the money when younger with house deposits/extensions/kids at university etc. The cost of living crisis is also squeezing family incomes. If you give some to your kids directly now it won't be so much of a worry.

You could also give your children the money in your will rather than it first going to your husband.

It would need to be in an account in your name only as anything in a joint account will become his.

Yes if you leave your monry to your husband it then becomes his to do as he likes with, including willing it to who he chooses. It would be included in his assets when assessing entitlement to help with care.

As your children could already miss out on inheriting property (if there is property) for the above reasons I would make sure that they do get the inheritance directly.

Your inheritance can got directly to your children, simple.
If you feel that’s unfair - for example if you’ve financially been better off by him sharing his money with you - then split it.

Leave the inheritance to your kids. The money is from their GP's.

Your DH and DSS shouldn't get any of it.

You need to seek advice on this

look at how the house is owned tenants in common etc
look at trusts to keep money for your D.C. directly

fo and see a solicitor and ask all these questions you have and find out how to ring fence your share for your dc

This can also be changed later to exclude your dc. Unless you are tenants in common each owning your half so you can will your half to them with him having lifeline interest.

you really need to see a solicitor to make sure your dc (and his if he goes first) are protected

This ^^

Your DH already has a home
And all four children will equally inherit unless he changes his will after you die if you go first

Can you speak to your DH? That this is family money inherited down the line so you will ring fence it for your DCs same as he can ring fence inheritance he gets down their family line

I would just give them a lump sum now and then you don't need to worry about it

Leave the inheritance money to your children, it’s family money and it should pass to them. If your DH inherits it, your children will probably never see a penny. You can’t ring fence any money you leave to him, for your children.

Just make sure your will says that’s the amount of the inheritance goes to your children directly

I guess the problem is that if you say it has to remain in trust until DH dies for him to have life interest your DCs if they need benefits etc to live on will be seen as having assets but ones they cannot touch

So take it to solicito that you want your DCs to inherit your inheritance money ans how best to do that

That you want all four DCs to inherit your house equally no matter who dies first so can family home you jointly own be tenants in common with your DCa inheriting your half but DH right to live in it until you die or enter residential care and same for his DCs and you.

Sorry until he dies or enters residential care I meant and same viva Verda

Why do you assume it would pass to your DH?

I would leave any inheritance of mine direct to my kids.

And also my half of the property direct to my kids, but with my DH having a life interest in the house.

"The home we live in will be split between the four children as we bought it together."

How have you ensured this? If the home is held as "joint tenants" it automatically goes to the joint tenant in my understanding.

Have you changed the ownership to "tenants in common" so you own 50% each?

Will you leave your share directly to your children with your partner having a "right to reside?"

If your husband inherits the house he can equally leave it to who he likes or if he has no valid will it will go to his children (assuming no new spouce). (Step children do not automatically inherit under intestacy rules). If it hasn't had to be sold to pay for care fees.

Does your husband have similar concerns as it doesn't sound like you like your step children very much. How often you see them and their issues aren't relevant if your husband wants to leave his share to them. His share his choice.

Personally, I would leave it to your children in its entirety. Your DH will have no financial need for your estate. I would include a clause in your Will that states that your home cannot be sold whilst your husband is still alive.

Agree with others, leave it to your children but start giving them something each year esp if inheritance tax is likely.

I would also ensure house is tenants in common. You can then leave your half to your children but let him live in it if you both want. If he remarries and owns the house, half would go to his new wife.

I have been with my partner for nearly 30 years, he is the father of my children and we live together. My half of the house is left to my children as is my money. I simply will not risk my children not getting their inheritance (if there's any left!)

I'm with those who say give some to your children now, or the maximum tax free amount each year.

Leave something directly to your kids. It happens too often a dying spouse assumes their partner will make good for their children and when it doesn't happen causes irreparable damage.

I would definitely include your DC in your will so that if you die before your DH they will directly inherit a share of your estate rather than everything going to your DH

If the amount of the bequests to your DC equate to roughly the same amount as what remains of your inheritance than I can't imagine that your DH would have any objection

If I were you I’d give it to them now while you stand an excellent chance of living for seven years and it not being liable for inheritance tax. I did this with a large sum of my inheritance - only three years to go now!

Apart from that sum of money, our estate is being left equally between our four kids of whom one is mine. I discussed this with my son and he said unless we did that he’d redistribute it and share it with his step siblings after we died. It’s easier and less hurtful for me to treat them all equally.

Everything you've listed above is very very easy and cheap to organise in a will.

@Winter2020
My intention ( well ours) is to split the house four ways so I will be seeking legal advice to ensure this happens.
OP suggestions received here has helped me with advice how to approach this.
My DH was bringing up his daughters when we met and they lived with us for several years but they have both turned their backs on us both to a certain extent although we support the one with issues almost daily.
I think his ex had a lot to do with that as she left them.