If hubby died would we get the house, mortgage is in his name

ladydukes

My hubby of 3 years, has a mortgage with £70k left to pay, house is worth £165k. I am not on the mortgage or the deeds. also he made a will 5 years ago before we met leaving everything to his sister, but the solicitor told him that would be null and void if he got married
We have 1 son and 2 daughters, I worked till my son was born and sold my business (8k) gave this to hubby. 2 years ago.
I get child tax credit every month and I save all the spare cash and do repairs to the house out of my money.
But I worry about what would happen if he died,
Would the insurance money we pay the bank, pay off the mortgage?
Or would I be liable for the debt.
Would the bank pay off the mortgage and then kick me out and sell the house to recoup the money owed?

~Beanie~

Depends what you mean by 'insurance money we pay the bank' and what kind of insurance you have. Does your hubby have life cover? If so, should anything happen to him it should pay enough to cover the mortgage.

Can't he just make a new will and leave everything to you?

Hippychick

Can your husband not just change his will?

LittleVoice

If he died now, not having made a Will since marriage, then he would die intestate. The solicitor was of course correct to say that the Will made before he married (as long as it wasn't made in anticipation of that marriage) would be cancelled by his marriage.

On that basis - no Will - his estate (after all debts were paid) would go to his wife.

If the insurance premiums paid to the bank are life assurance to cover any outstanding mortgage, then the house will then be mortgage free and owned by the wife outright.

zzzLazyDaisy

LittleVoice wrote: »

On that basis - no Will - his estate (after all debts were paid) would go to his wife. t.

This isn't necessarily correct. If he has children, then only the first £250k goes to the wife, if there are no children the first £450k goes to the wife.

http://www.familylawweek.co.uk/site.aspx?i=ed32270

So, depending on the size of the estate and whether there are children, the whole estate may not pass to the wife if the husband dies intestate. Much better to make a will and make his intentions clear. Also, yes, life insurance to cover the mortgage is also a good idea where there are dependents who will need a roof over their heads if something happens to the husband.

LittleVoice

zzzLazyDaisy wrote: »

This isn't necessarily correct. If he has children, then only the first £250k goes to the wife, if there are no children the first £450k goes to the wife.

http://www.familylawweek.co.uk/site.aspx?i=ed32270

So, depending on the size of the estate and whether there are children, the whole estate may not pass to the wife if the husband dies intestate. Much better to make a will and make his intentions clear. Also, yes, life insurance to cover the mortgage is also a good idea where there are dependents who will need a roof over their heads if something happens to the husband.

Thanks. Was trying to keep it simple and I had forgotten about the children (mentioned by OP).

ladydukes

thank you all for your answers, so it looks like the monthly insurance for the mortgage will cover it then and as the house is only worth £165k, ( we have no savings or pensions) then it means we won't be homeless if the worst happens. too answer the changing of the will question, it would cost over £100. we don't have a spare tenner at the end of the month let alone £100, it might as well be a £1000
thank you I can stop worrying now