Will with 2nd Husband

[ufucoffee]

My 2nd husband and I are about to get wills done. We jointly own a house with a large mortgage left on it. My husband has a large pension pot and is hopefully going to retire in 5 years. His pension will pay the mortgage off. I have children from a previous marriage and he has one. If he dies first he wants to leave me a sum from the pension, but leave the majority to his son. That's up to him, I don't mind. But he is saying that if I were to die first before the mortgage is paid off my children shouldn't get an equal share of the house because he'd be paying the mortgage off until he retires. I think this is unfair to my children but am I being unreasonable. I haven't a clue.

Do you not have a life insurance policy that could cover the mortgage?

No we didn't get one because he wouldn't pay it. I earn loads less than him and couldn't afford it.

On the face of it he isn't being unreasonable. Your children should inherit your half of the equity and any money you have to leave.

Get a decreasing term life insurance policy so the house is paid off in the event of a death. Then decide what to do with the equity in the house.

What happens if you die, your kids inherit your half the house and then want to sell and make your husband homeless.....or vice versa?

You would have been better off taking out the insurance policy even if it was relatively costly. I think what he is suggesting is fair under thd circumstances.

Life insurance policies are pretty cheap! Mines is around £12 a month

But @Roodicus21 presumably you're not a 60 year old man!

How come he couldn’t pay it? Mine is about £10 a month.

I would say that your children should get the same percentage in equity as the percentage you put yourself as a deposit for the house. The key thing is that he needs to ring fence part of his pension to buy your kids out if you die.

@GrandmasCat we're old and he smokes. The quote we got was a lot more than that.

What about life insurance just covering yourself OP? Then your DC could inherit that plus your equity in the house. With a clause he can live in the house untill he retires. Once he retires he could either sell house and pay out your share of equity to DC or use some of his pension lump sum to pay DC off and have clear title to house.

Could you get an insurance policy just for you to benefit your dc?

Are you joint tenants or tenants in common?

He's being massively unfair and that would put me right off him!

Check you don't get any kind of life insurance through work and if you do, ensure DC's are named beneficiaries.

My life insurance policy is less than £200/yr, paying out £150k to age 60 (currently mid 40s).

Thanks for replies people. I'll look into life insurance

His stance seems fair to me

You can't pass on an inheritance that you don't have

Once the mortgage is paid off and the house is a joint asset then you can choose what happens to your half when you die