Is a will sufficient without changing title deeds?

Elizabeth_739

I wonder if anyone can offer advice here. We were married last year both in our early 60's. 2 houses no mortgage, lovely situation so we decided to sell both. Unfortunately 1 sold and 1 didn't which after a long time we decided to rent out - we took out a small mortgage on the 2nd one so we could go forward with a new house. So to cut a long story short - our main home is in joint names and the other one is in my husband's name only and the mortgage although it all belongs to us jointly.

If we make a joint will leaving everything to each other and then on to our children, will this suffice? or should both houses be in joint names also bank accounts. We are aware that I am vulnerable in the current situation.

margaretclare

Can't advise about the house deeds, but I would suggest keep your own separate bank accounts but have a joint one for bills, which is funded automatically from both of you and out of which all payments go by direct debit.

gfplux

I think you should see a solicitor. It is very tricky to make a will that will allow the estate to pass to all children as what is to stop the surviving partner spending all the money.

McKneff

gfplux wrote: »

I think you should see a solicitor. It is very tricky to make a will that will allow the estate to pass to all children as what is to stop the surviving partner spending all the money.

Dont see why that would be a problem, it would be the surviving spouse's
money to spend as he/she wishes.

margaretclare

anniehanlon wrote: »

Don't see why that would be a problem, it would be the surviving spouse's money to spend as he/she wishes.

I agree with this. When we married in 2002 we said 'all that I have I share with you'.

The surviving spouse would be alone, one income not part of a pair, and he/she would still have to eat and pay bills.

Savvy_Sue

While I understand completely where margaretclare and anniehanlon are coming from, I am guessing that the OP and her husband each have children from earlier relationships. I know that these children have no 'right' to inherit, however it sounds as if the OP and her husband want to ensure that they get something.

And they may also want to avoid a situation where the surviving spouse remarries, then dies, and everything goes to the new spouse with nothing going to the current spouse's children.

Elizabeth_739 wrote: »

If we make a joint will leaving everything to each other and then on to our children, will this suffice? or should both houses be in joint names also bank accounts. We are aware that I am vulnerable in the current situation.

Without a will, I don't think you are particularly vulnerable if he dies before you, although you may be vulnerable to him running off with someone else. And you do risk your wishes not being followed if you die before him.

However, although you speak about a joint will, you more likely mean 'mirror wills', where you each do the same thing. A simple version of it might read "when I die I leave it all to my spouse, and if s/he's died before me then it all goes to my children and his/her children in equal parts, and if neither of us has any surviving relatives it all goes to the cat's home / local hospice / insert name of favourite charity here". These do need careful proof-reading - it took several attempts for my parents' mirror wills to have the right names in the relevant places.

If that, basically, is what you want, then it shouldn't be difficult or expensive for a solicitor to draw up such wills. If you also want inheritance tax planning (so that as much as possible goes to the children and as little as possible to HMRC), it will cost more, and I know many people would recommend consulting a STEP qualified solicitor.

Elizabeth_739

Thank you for all your suggestions. We have made an appointment with the solicitor to draw up mirror wills although, as we have discussed, after our death the surviving spouse could really do as he/she liked. Trust has to come in here as with most things.

Elizabeth

Savvy_Sue

Elizabeth_739 wrote: »

Thank you for all your suggestions. We have made an appointment with the solicitor to draw up mirror wills although, as we have discussed, after our death the surviving spouse could really do as he/she liked.

That's why, if it's possible, you might want to consider leaving something to your children if not his children on your death and vice versa. Obviously not leaving the surviving spouse in difficulties, but just as an example, I think my parents have left what's held in their own accounts to us rather than to each other.

If there are 'things' which you want to leave to your children rather than his, again your will can reflect this.

It is more complicated when there are two properties involved, but if you give some thought to the general principles then it shouldn't be too difficult for a solicitor to write what you want to happen.