What happens if I die?

holly_hobby

getmore4less wrote: »

Not a good assumption,

The main thing marrying changes is the transferable nill rate band which changes some of the IHT issues of not being married.

Most of the other exit issues still apply.

If you effected a TIC arrangement (single), your share of the equittible share of the propety will go to

A) Whomever you bequeath it to via your will (which remains the same if you updated your will on marriage)

If no will .... the laws of instestacy will proceed, with your share (if you remain unmarried with no issue (children) at the time of death) , going to your Parents (if both decd), then to Surviving Siblings (if none or they are decd), we then start going down the family chain until a blood beneficiary is found.

ONCE YOU ARE MARRIED THIS CHANGES AS YOUR LEGAL NEXT OF KIN IS NOW YOUR HUSBAND - so if no valid will (you die intestate), and even if propety held under a TIC arrangement, your share and entire estate will go to him (subject to whether there are any issue and the value of your estate at death)

So once married, and you want your share to go to him, there would be no pressing requirement to change it to a Joint Tenants arrangement - as under intestate he would be primary beneficary, and even if you make a will post marriage, you would be nominating him to receive your share of the property.

Pls remember if you wish to bequeath your share (post marriage) to anyone other than your hubby you will need to write/update your will post marriage - as the event of marriage invalidates any pre-existing will you may write at this time or any time pre marriage occurs, whereby you leave your share to A.N Other.

However, as it stands today, if you do effect a TIC as single individuals and you do each want your half to go to your partner on death, please both make a will.

Don't forget what I said about effecting any single life term assurance policies under trust, or on life of another, if for whatever reason you dont wish to effect a joint life 1st death policy.

If you separate, and are released from the mge at that time, there are no issues re the arrnagement under which the deeds are held.

This also does not affect the legal responsibilites for being jointly or severally liable for the entire mge debt - .ie you only own 40% of the property, so believe you are only legally responsible for 40% of the monthly repayment. You are both resposible for the entire mge debt - regardless of how the deeds are held or split.

Charging orders - can only be applied agasinst your equittible share on disposal of the property.

Hope this helps

Holly