How best to write a will for DP and DS

[Northernbeachbum]

DP and I aren't currently married, he owns a small property, I own a large one and we live in mine. DS is due in June so I want to get a will written up, I want to try to avoid them paying masses in inheritance tax should I die, so I was thinking 50:50 split on the property with DP having control over DS's half until he's 25? Would that work?

We will get married down the line so its just in case something happens in the mean time.

Also, on another matter when we get married will we be penalised for having 2 properties, as in one be counted as a second one so mortgage issues ETC? His is obviously in his name and mine is in my name

You are best talking to a solicitor who can advise on tax planning as well as writing the Will.

Pay for a solicitors advice.

I was hoping I could use our works free will writing services thats all, but they just write out what you want not advise on it.

Nevermind if I have to pay I have to pay

The quickest, cheapest and simplest way to reduce inheritance tax is to get married.

Yes I am just trying to cover the interim before we can do that

Hi OP, I'm a willwriter, can you just answer a few questions so I can advise:

1. What's the value of your property?
2. What's the mortgage?
3. Is there a decreasing term policy on the mortgage ie one which would automatically clear it on death?

And same questions for your partner's assets.

When do you plan to marry?

Can you give a rough idea of the value of other assets (NOT pensions or life insurance though). Feel free to PM me if you don't want to answer here.

This matters in terms of how the Residential Nil Rate Band may apply to your assets.

As you may know, once you're married, assets passing from one spouse to the other are not subject to IHT. In your circumstances you should write a will "in contemplation of marriage" so that it doesn't automatically revoke on marriage.

Will PM you, thank you

Hi OP, I've answered your PM, unfortunately this is a fairly complex aspect and I hope it makes sense!