remarriage and children's 'inheritance'

november

I don't think you sound mercenary at all either. Just sensible and caring of trying to do the best for your children.

I am in a similar boat although we are married now and have to yet make wills (which we will be doing soon). I have 3 children and he none and I own the house with approx £100K equity. He has spent a fair few K on work on the house from his savings but doesn't own a house himself.

dianadors wrote: »

She died suddenly, and her only daughter decided she wanted him out of the house so she could use the money for herself. My Aunt had never made a will, or put his name on her house. He ended up being kicked out and living with my Aunts brother. It isnt what she would have wanted at all - She doted on her new husband and also her daughter, but she didnt forsee her daughter turning so nasty (through drink we think).

How strange. I had always assumed that even though I own the house that my husband would inherit it should I die first not my children. One of the reasons we wanted to make a will is should I predecease him neither of us would want the house to go to him then his next of kin (siblings or nephew) but to my children.

I'm not sure but had assumed the easiest way to do that was for me to will it to my children giving him a right to live there for life or something unless he remarries etc. Otherwise if he inherits it his kin or any future partner could have a claim on it.

My father having died recently another thing my mother said I should sort out is bank accounts. My DH and I currently have separate bank accounts with household stuff coming out of mine so if anything happened to me that would cause a major difficulty. I was wondering again if the easiest thing to do would be to add him to my bank account and set up another one for just me. That seems far easier than transferring lots of DD's.

Alan50

Have you concidered letting his property to service his mortgage? and then live with you as man and wife or partner, ok you would still have to service your mortgage, but the inhertance issue and possible relationship difficulties would be simpler to sort out.

Good luck but be careful

Alan

aMeLia'S~MuMMY

dianadors wrote: »

On the other foot - my Aunt died a few years ago and she had remarried a lovely man who sold his house off when they married. They used the money to go on great holidays and travelled a lot and she was really happy with him. She died suddenly, and her only daughter decided she wanted him out of the house so she could use the money for herself. My Aunt had never made a will, or put his name on her house. He ended up being kicked out and living with my Aunts brother. It isnt what she would have wanted at all - She doted on her new husband and also her daughter, but she didnt forsee her daughter turning so nasty (through drink we think).

Hmmmm...I too think that this is a little odd as I had already researched this topic and found this

Who will inherit the deceased's estate?
If there is no will, there are rules for deciding who will inherit the estate. It depends on the deceased's personal circumstances.
If the deceased was married or in a civil partnership with an estate worth £125,000 or less
Everything goes to the husband, wife or civil partner.
If the deceased was married or in a civil partnership with an estate worth over £125,000
The husband, wife or civil partner won't automatically get everything although they will receive:

personal items, such as household articles and cars, but nothing used for business purposes
£125,000 free of tax (£200,000 if there are no children)
a life interest in half of the rest of the estate (on his or her death this will pass to the children or as immediately below)
The rest of the estate will be shared by the following:

children (or if none, grandchildren) will get an equal share
if there are no children or grandchildren, surviving parents will get a share
if there are no children, grandchildren or surviving parents, any brothers and sisters (who shared the same two parents as the deceased) will get a share (or their children if they died while the deceased was still alive)
if the deceased has none of the above, the husband, wife or registered civil partner will get everything.

:A

funky-footprints

my dh's parents are divorced, dhs dad has willed his current property to his 2 sons but his current wife can remain in the property for the remainder of her life, as a previous poster has written there is a term used for this, however should she remarry then she has to move out. If she want to sell and move then my dh & his brother have to be consulted, any new property would again be owned by my dh and his brother. They have just drawn up a very deep will explaining it all.

meanwhile dhs mum has remarried and took a 'massive' settlement with her, she has gone on to have another child. In her demise this settlement is due to dh and his brother, this was agreed at time of divorce, she has however used this money to pay off her new husbands mortage, (much to dh's dads fury) she has willed it that should something happen to her they will get thier share off her new husband, tho my dh isnt sure how or when they will get this money.

northern_star

Just want to say a huge 'Thank You' to all who have posted - your responses have been really useful. My boyfriend and I are now more aware of our options thanks to your help. We feel confident of deciding on a way forward that protects everyone's interests and, once agreement is reached, will visit a solicitor and make it all legal.
It may seem harsh or unromantic to be putting safeguards in place but we feel it will actually give everyone more confidence and peace of mind. Then with everyone's interests secured we can get on with living.
Thanks again all

NS

dianadors

My mum corrected me and told me that my aunt never remarried - they just lived together. Mum said that when they discussed marriage, my aunt would say that she couldnt think of a single reason to do so at her age!!

tiamaria

so what sort of solicitors costs are involved in drawing up a similar type of will to this which is a bit more complicated than the norm?

Tia

i1189

My solicitor quoted £100 on top of the cost of a normal will to set up a trust.

NAR

northern_star wrote: »

It may seem harsh or unromantic to be putting safeguards in place but we feel it will actually give everyone more confidence and peace of mind. Then with everyone's interests secured we can get on with living.

It is neither harsh or unromantic - it is being sensible. I bet there are numerous people out there who wished their parents had acted so responsibly.
My wife and I (both divorcees) married recently and we have had several discussions about financial matters and have more or less agreed what we want to go into our will. We will then have complete peace of mind that our money will go where we want it to.