Will advice please

[Gonzo33]

I need to have an idea how to write my will.

Background:

I have a son from a previous marriage. I also have a daughter from my current marriage, and a husband I would need to provide for.

I own a property in my sole name (bought when I divorced my first childs father) and have life assurance policies which cover the mortgage and loan and extra (approx 250k).

Currently my will states that everything goes to my husband and if he does not survive me 28 days that it gets split 50/50 between my two children. My husbands is split 75/25 (25% to his son from a previou relationship).

It has been pointed out that this may be too ambiguous and that I should maybe change it.

Should I change this will to ensure that no matter what my son should get a percentage of my estate, my daughter the same and the remainder to my husband?

I would if I were you, but it's entirely your choice. Would be nice if your son were to get something from your will, especially if he'd get nothing if . You and your husband could do mirror wills. Mumblechum can explain better than I.

At the moment, if you die first, your husband can change his will to whatever he fancies and your son will get nothing.

What I'd suggest is one, or a combination, of the following;

Giving your husband a life interest in the house, which means that he can live there until his death or remarriage, whereupon the house is sold and your half goes to your 2 children (he can do whatever he likes with his half)

Giving a specific gift to your son (and daughter if you like). This could be expressed as £X, or a percentage of your share of the estate. You would have to be confident that there'd be enough in savings to pay that gift out on your death without forcing a sale of the house

Appointing your son/both children beneficiaries of the cash element of the life insurance policy.

Be careful about the life assurance polcy covering the mortgage; if the policy doesn't specifically state that the mortgage will be paid direct by the insurance company, then that money could be paid straight to your husband leaving the mortgage still unpaid, and thereby reducing the money you can pass on to your children.

I'm sorry that this all sounds rather hard headed, but I've seen many cases where a child from a first marriage ends up with nothing in your circumstances. I'm sure your husband is lovely, but it does no harm to take steps to ensure fairness to your son.

I'm not allowed to advertise on these threads, but I have a Small Business Advert under the Classified Section (I'm easy to find!) if you'd like to know more.

Mumblechum1,

It doesn't sound hard headed at all. I just wish that I had thought my will through properly before writing it, or maybe seeking advice.

I will look you up.

Bump

Hi,

I am sorting it today. Thank you for your advice.

Me xx