Protecting children's inheritance

Chief01
Chief01 Posts: 2 Newbie
edited 14 October 2017 at 12:12PM in Marriage, relationships & families
I need some advice on what I need to put in place when buying my new house. My partner moved into my house with me and my 2 children (15 and 16 years old) 2 years ago. We are getting married next year. I have a small mortgage and have a large value to loan in my house. I'm currently looking at buying/moving into another house using the proceeds of this house to purchase it. He currently contributes to bills and will continue to do so when we move. I am re-mortgaging to ensure that all money spent on refurbishing/decorating the new house is paid my me. I would like my children to be the sole beneficiaries of my house and would like to know what legalities I need to put in place to protect the equity I have built up (my partner is fully aware of my intentions). Any advice would be gratefully received, thank you in advance
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Comments

  • lika_86
    lika_86 Posts: 1,772 Forumite
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    Don't get married if you want to protect the equity in your house should you get divorced and don't accept 'rent', take extra bill money only.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    The simple answer is to see a solicitor.

    And ask how you protect your wishes in the case of future divorce.
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    Chief01 wrote: »
    My partner moved into my house with me and my 2 children (15 and 16 years old) 2 years ago.

    We are getting married next year.

    I would like my children to be the sole beneficiaries of my house

    I think you'll struggle to arrange that if you get married.
  • trailingspouse
    trailingspouse Posts: 4,035 Forumite
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    Marriage implies 'we're in it together', which is fine while you're together but gets complicated when you divorce.

    As you currently have a high loan to value, there wouldn't be much (relatively) for your children to inherit at the moment anyway. If you bought a house together, you would likely be able to afford a bigger mortgage, which would benefit you as a couple in the long run.

    If you were to die before your husband, would you want him to be evicted from his home so that your children could inherit?
    What if you have more children?
    At the moment you don't have a husband so much as a lodger - is that what you want?
    No longer a spouse, or trailing, but MSE won't allow me to change my username...
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    trailingspouse wrote: »
    Marriage implies 'we're in it together', which is fine while you're together but gets complicated when you divorce.

    It would also be complicated if the house-owning spouse died first.

    The spouse would have a legal claim on the estate even if they were left with nothing or very little in a will.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Mojisola wrote: »
    It would also be complicated if the house-owning spouse died first.

    The spouse would have a legal claim on the estate even if they were left with nothing or very little in a will.
    Nothing a half decent solicitor and the words "lifetime interest" can't resolve.
  • ska_lover
    ska_lover Posts: 3,773 Forumite
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    edited 9 October 2017 at 1:10PM
    PeacefulWaters wrote: »
    Nothing a half decent solicitor and the words "lifetime interest" can't resolve.




    I think this is correct based on my own experiences and I believe it can be done. However no will is certain these days and people contest and win all the time - going against what the deceased actually wanted


    OP think would you give your spouse a lifetime interest in the property and then your kids inherit it at the time of his death?


    OR would you just want him out so your kids could inherit immediately? The home he has known not only has he lost his wife, but will be kicked out of his home? The home he has paid into? Whatever you want to call his payments, rent or whatever, he still is paying in to a home


    It all sounds like a clinical business arrangement rather than love to be honest with you


    I can understand your motives but you could literally end up leaving the person you claim to love, homeless and grieving all within a short period of time.
    The opposite of what you know...is also true
  • onomatopoeia99
    onomatopoeia99 Posts: 6,962 Forumite
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    ska_lover wrote: »
    It all sounds like a clinical business arrangement rather than love to be honest with you
    New relationships after a divorce where one has children make things complicated, don't they?

    Do we fault the OP for having concern for their children's future financial wellbeing, or for not having concern for their new partner? One can paint them as the villain either way, if one is minded to do so.
    Proud member of the wokerati, though I don't eat tofu.Home is where my books are.Solar PV 5.2kWp system, SE facing, >1% shading, installed March 2019.Mortgage free July 2023
  • NeilCr
    NeilCr Posts: 4,430 Forumite
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    onomatopoeia99 wrote: »
    New relationships after a divorce where one has children make things complicated, don't they?

    Do we fault the OP for having concern for their children's future financial wellbeing, or for not having concern for their new partner? One can paint them as the villain either way, if one is minded to do so.

    Before I started going with my partner she said she would never marry me or move in with me. For the reasons stated in this thread re her children and inheritance. She’d been burned before and wanted to ensure there would be no hassle for her children in the event that she died before me.

    It suited me as I am happy on my own and I have no desire to get married again. But I entirely understood (and still understand) her reasoning. I think if you explain things clearly then the other person, if they are reasonable, will get it. Her kids are more important to her than me and that’s right.
  • 74jax
    74jax Posts: 7,921 Forumite
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    I own the property myself and my husband live in. It's in my name only. My will leaves the property to my daughter.
    Forty and fabulous, well that's what my cards say....
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