Have you made your Will?

[Murdochcat]

Last nights Martin Lewis money show touched on this and there are important things to know - especially if you’re not married or in a civil partnership

 

[Highway Man]

A terrible affair all round, I met up with him 2 weeks before he died and he asked me to ensure his wishes were followed through. He had everything sewn up with solicitors, not talking a few pounds here he was an extremely wealthy man.

 

[MNW67]

A terrible affair all round, I met up with him 2 weeks before he died and he asked me to ensure his wishes were followed through. He had everything sewn up with solicitors, not talking a few pounds here he was an extremely wealthy man.

It sounds like his solicitors didn't do a very good job of arranging things.

 

[pete01]

When you bought your current house did you own it 50/50 Joint tenants (or some other split) or are you tenants in common (both owning 100%)

Joint tenants I would say

 

[motorbiking]

Joint tenants I would say

That has the benefit of simplifying transfer upon your death, but makes it harder to "set aside" your share for your kids. There are going to be swings and roundabouts here. It's easy to change, but as it stands if you die your wife owns the whole house and vice a versa.

 

[Murdochcat]

It sounds like his solicitors didn't do a very good job of arranging things.

Out more likely stitched him up so they could execute the will and charge huge amounts

Do NOT appoint a solicitor to be your executor is my advice

 

[motorbiking]

Joint tenants I would say

Search for land and property information

Find a property and get its title plan, title register and see who owns it

www.gov.uk

£15-30 to find out from memory

 

[pete01]

That has the benefit of simplifying transfer upon your death, but makes it harder to "set aside" your share for your kids. There are going to be swings and roundabouts here. It's easy to change, but as it stands if you die your wife owns the whole house and vice a versa.

So we just need to trust each other

 

[motorbiking]

So we just need to trust each other

once you're dead - its on to the next person. nothing stops them from changing their will after.

maybe for the time being just keep it simple

 

[pete01]

once you're dead - its on to the next person. nothing stops them from changing their will after.

Bit of a minefield isnt it?

 

[MNW67]

So we just need to trust each other

If you want a proper legally binding arrangement, I think you need to own the house as tenants in common, then make some sort of life interest trust in your Wills. There are other more complex types of trusts such as discretionary trusts, but they are often for people with lots of money. It all depends on your situation. I would start by ringing a few solicitors for some free initial advice about the options.

 

[pete01]

If you want a proper legally binding arrangement, I think you need to own the house as tenants in common, then make some sort of life interest trust in your Wills. There are other more complex types of trusts such as discretionary trusts, but they are often for people with lots of money. It all depends on your situation. I would start by ringing a few solicitors for some free initial advice about the options.

With tenants in common does that mean that if I die and my wife went into a care home (OMG I hope not) my half would be safe from the care costs?

 

[motorbiking]

If you want a proper legally binding arrangement, I think you need to own the house as tenants in common, then make some sort of life interest trust in your Wills. There are other more complex types of trusts such as discretionary trusts, but they are often for people with lots of money. It all depends on your situation. I would start by ringing a few solicitors for some free initial advice about the options.

Yep

But he can ignore the current tenancy and write his will as he likes leaving his estate to his wife and kids proportionately and granting a life interest to her, in the knowledge that the house will go to her under the tenancy anyway. If she mirrors the same, then its a starter for 10.

 

[motorbiking]

With tenants in common does that mean that if I die and my wife went into a care home (OMG I hope not) my half would be safe from the care costs?

nope

 

[pete01]

We did ours a few years ago. Mirror wills. One other thing we did at the same time was to change our status from joint tenants to tenants in common.

My mums will which was made about 30 years ago left a decent sum to our children too. It was still a decent sim 30 years on. When she passed away last year, inside the will was a handwritten note from her saying that we should give the same amount to her grandchildren’s husbands and wives and the great grandchildren too. Obviously as executors we honoured that. Dunno when she wrote that but I think it must have been while our daughter in law was pregnant because she specifically mentioned to set it aside for the child of any of her Granddaughters if they were pregnant at the time of her death.

That was really nice what your mom did