My will - how would you word this?

[latrucha]

I sat down yesterday to write a will for the first time.My parents have recently died and they both drafted and had their wills executed without the intervention of a solicitor, so I have some idea of how to word it. I am married and I have two small children and I thought the thing would be very straightforward. I've hit a snag, however.

I inherited a bit of money from my parents with which I've paid off a big chunk of the mortgage. The house is under joint ownership of DH and I. I know that DH would do the right thing by the children if I were to die. He's so responsible it's untrue.

However, if I were to die and he were to remarry, I would want the money that has gone into the house through me / my parents to be reserved for our children.

DH says a prenup would be the thing, but is there a way I could word it in my will to make sure that 'my' bit of the house was reserved for our children.

I hope that's clear! And thanks, if you have any tips.

I think you need a solicitor to get the wording right - there is someone on here who does it - have a look in the small ads section. It's really not worth saving a couple of hundred quid now to have your children incur big legal fees if you get it a bit wrong IMO.

My parents have wording in their will to the effect that all their joint assets are ringfenced if one of them dies and remarries, so in effect the money is held in trust for the children but it is quite complicated in how it is written.

That's interesting. Thanks.

I'm not against using a solicitor but wondered if there was an obvious way of doing it as we didn't have any problem with Mum and Dad. My brothers and I are adults though, so I suppose that makes quite a big difference.

Hi OP, I'm a will writer and recommend that you give your dh a life interest in your share of the property. It will say that you give your share of the house to your Trustees (so it will then be registered at the Land Registry in their and your dh's names jointly), but to be held on trust for the benefit of the children, and in the meantime, your dh can live in it for as long as he likes until his death or remarriage at which point it is sold and your half goes to the children. Your dh can make identical provision in his will.

In order for the trust to be effective, you need to sever the joint tenancy (most couples own their houses as joint tenants). The effect of this is that you will still hold it in whatever shares you currently do, but you own it as tenants in common. It's important to sever the joint tenancy as otherwise the survivor of you automatically inherits the deceased's share irrespective of the trust.

My advert is over on Classifieds under Small Businesses. It's titled "5 Will Writing Service recommended by Mumsnetters if you're interested. It links to my website through which you can get in touch.

There you go - mumblechum, right on cue :o

how much would it cost to get the joint tenancy severed and set up again as tenants in common?

(thinking of re-doing our wills and this house trust thing sounds like a good plan)

Thanks mumblechum. I might try and bodge something together for now as I have no spare money ATM (though I thoroughly take your point about it being more expensive later ChristinedeP).

Good question bumpybecky.

bumpybecky Standard charge for severing a joint tenancy and dealing with the registration at the Land Registry is £45 on top of the charge for doing standard wills (£85 for a single, £140 for a couple).

So for a couple severing a joint tenancy and doing a more complex will inc. a life interest, the total bill will be a (very reasonable!) £185. No VAT is payable

Bearing in mind what I charge to do it in my day job in a High Street Practice, of £345 plus VAT, it's good value!

Latrucha, to be honest, if you bodge something together there's a chance it may not be water tight. I know everyone's watching the pennies with Christmas coming up, so if you'd like to leave it till the New Year, that would probably be the sensible option.

We did our will through the WillAid scheme where you make a donation to charity but it is done by a solicitor. I think its just during November.

I'm sure it's good value and I will get it done properly. I just don't use credit if I can at all help it so will need to save up. I'll finish off the one I've started for now, leaving everything to DH and trust him and make the more complex arrangement when I've saved up.

That's a good idea.