Property, will and life insurance

[billyjean123123]

Hey everyone,

I know that this isn't a site for legal advice but I thought maybe someone might be able to help before I go down the solicitor route. It's a bit complex.

My partner has 2 (minor) children that live in a house with their mum that's jointly owned by him and their mum. They are divorced. He has a life insurance policy that will pay their mortgage in full should he die. If he dies, his % of the house goes to the children when they turn 18 years old. All good.

His Will that was recently created states that his dad will be the Executor of his estate.

We are getting married next year and are in the process of buying a house together. I will take out a life insurance policy to pay our mortgage in the event anything happens to me. But how does this work the other way? I have two questions.

1. Can he get a second life insurance policy for the second (our) property?
2. Would I own the house solely if anything happened to him or would 50% be mine and 50% to his estate for his dad to arrange?

Sorry, all very morbid I know. Just want to make sure I fully understand what happens if we purchase a property together.

When you marry his previous will, unless written 'in contemplation of marriage' is voided.

I see. I didn't know that.

So would our property need to be mentioned in the will at all or is it assumed that if anything happens, I become the sole owner?

He can have two life insurance policies with different beneficiaries.

He will need a new will once you marry anyway, so this is a chance to take advice and make sure it reflects his wishes for his children and you.

OP, are you buying the house as joint tenants or tenants in common? One means you own half the house each. The other means you own the whole house jointly.

Your DP needs to write a new will, in contemplation of your marriage, that includes the original details around his ex's house, and new instructions around his house with you. Also how any pension and other assets are to be settled.

He can take out more life insurance so that if he dies, both houses are paid off (obviously at higher cost).

Given that there are children involved, and may be more in the future, his will should be written by a competent professional.

If he owns his other house jointly with his ex his percentage won’t go to children if he dies before her but to her as other joint owner under doctrine of survivorship. You need proper advice it’s a complex situation. Pp correct unless earlier will made in contemplation of your marriage (unlikely) any previous will voided by your marriage.

House ownership depends what you do. You either own it jointly so the survivor gets the whole If one of you died or you own as tenants in common where you own respective shares which you can then leave under your own wills. You need to instruct your conveyancer which. He will likely need a life interest trust will so you are protected and can live in the house but his share goes to his kids on your death.

He is a tenant in common with his ex on their property and we would be 50/50 joint owners.

So does that mean that if anything were to happen to either of us, the survivor would be the sole owner of the property, regardless of who is named on the will to look after his estate?

He has a solicitor that is drawing up his will with him but as my situation is straight forward I've never reqiured any assistance up until now. I will absolutely make sure before anything is signed that I'm properly protected.

This is all amazing advice, thank you so much!

If you are tenants in common then the 50% share is left in accordance with the will. If you are joint tenants then the remaining tenant becomes the sole owner.

Thank you, that's really helpful.

God idea to take out life insurance to pay off the mortgage

It's also a good idea to have the policy 'written in trust' so that it's value is outside your estate for inheritance tax purposes.