Tenants in common

oap

seven-day-weekend wrote: »

We have done this too.

I would also expect anyone I might consider marrying to do the same for his family (although actually I'm pretty sure I wouldn't want to marry anyone else).

Yes me too, oap

oap

Well then I consider we are truly blessed with 49 years of happy marriage and a loving son who we trust completely and who trusts us and who we would have the utmost pleasure in helping in his retirement as we have been in ours oap

seven-day-weekend

oap wrote: »

Well then I consider we are truly blessed with 49 years of happy marriage and a loving son who we trust completely and who trusts us and who we would have the utmost pleasure in helping in his retirement as we have been in ours oap

Amen....Absolutely!.....

49 yeaRS, THAT IS WOnDERFUL! We will have been married 36 years in October,

My mum met my dad when she was seven and said to his sister 'I am going to marry your brother' and married him when she was 22 and stayed married to him until he was killed in a road accident when he was 89 and she was 85. They were in their forties when I was born (they adopted me). Although she was a happy and positive person until the day she died at nearly 94, my mum always said she was 'ready to go to be with Billy'.

She died with a smile on her face.

Praise the Lord for happy marriages.

oap

margaretclare wrote: »

Oh good heavens. What a crowd of nay-sayers. And all for the sake of a pile of bricks-and-mortar"


Definition of bricks and mortar,ie house - A house is a structure of varied design and materials that provides shelter from the elements .

Definition of home - Home is a place where a person lives, spends much of their time,and feels generally comfortable with. While a house (or other residential dwelling) is often referred to as a home, and is home to many people, the concept of 'home' is broader than a physical dwelling, home is often a place of refuge and safety, where worldly cares fade, with things and people you love becoming the focus. Home is central to one's life, primarly emotional, and partially physical. An Englishman's home is his castle. Home is where you always want to return to wherever you are.

margaretclare

oap wrote: »

Hi, a friend of mine has been advised to put her and her husband's house in Tenants in common, rather than joint names, this has been done with a Solicitor.

Apparently if one of you has to go in a home then they can only take half of the house when the time comes after you have both passed on, rather than the whole amount if it is necessary.

Has anybody done this? Also is it true that if you have dementia or Alzheimers etc, that you are not charged anything in a home of your choice.

Thank you, oap

Definition of bricks and mortar,ie house - A house is a structure of varied design and materials that provides shelter from the elements .

Definition of home - Home is a place where a person lives, spends much of their time,and feels generally comfortable with. While a house (or other residential dwelling) is often referred to as a home, and is home to many people, the concept of 'home' is broader than a physical dwelling, home is often a place of refuge and safety, where worldly cares fade, with things and people you love becoming the focus. Home is central to one's life, primarly emotional, and partially physical. An Englishman's home is his castle. Home is where you always want to return to wherever you are.

So, according to the dictionary definitions that you have been busy looking up, what are the meanings of the words as highlighted in your first post?

I am still not certain how anyone can 'take half of a house', which was the concern expressed in your original post. I think that Ed gave very good advice in a recent post - no need to do anything much except for having a proper will (which everyone should have).

By the way - and I'm sure that Ed and Rod will confirm this - if one spouse goes into a home and the remaining spouse is over 60 and/or disabled, "they" cannot touch the house.

Margaret

margaretclare

seven-day-weekend wrote: »

Praise the Lord for happy marriages.

And praise the Lord for a 'second chance', for the ability to learn from past mistakes and move forward, for the love that is possible at any age, for the fact that often there is no need to be lonely when there are people out there craving love and affection. For the fact that age and youth are 'states of mind', that although the body ages the mind and heart can stay young, positive, hopeful and forward-looking.

We get a lot of amusement out of people who think we've been married a lot longer than we have. We celebrated our 5th wedding anniversary earlier this year, went to DH's daughter's 40th party on the Saturday night in a lovely little town called Market Harborough. Because we know we'll never reach our 50th, we had a special party on the Sunday including family members and friends. My daughter couldn't come from Leeds because of exams (part-time Classics degree) but my half-brother drove over from Liverpool.

The Sunday morning we went to a local church, attended a double baptism, and were talking to the vicar later. We told him it was our wedding anniversary, and you could see his brain working 'Golden Wedding maybe?' 'Is one permitted to ask how long? 'Five years'....but these years have been as full and happy as any that went before.

The following Sunday we had a wonderful celebration in the church where we were married. Our new minister made it very special for us, involving the children, one of whom had carried the ring-cushion for us, and all our church friends.

It's not the length of time that counts, but what you put into it.

Margaret

margaretclare

EdInvestor wrote: »

IMHo there's not really any need to do anything, other than make simple wills leaving everything to spouse and then son. The house and savings are under the inheritance tax level, so you can ignore that.

This is really good advice, Ed, and I agree with you - why complicate matters unnecessarily, why not 'keep it simple'.

If you hold the property as joint tenants, and one dies, the other gets it automatically. If care is required (and usually it is not), I would suggest using equity release to get money out of the property to buy an immediate needs annuity to fund any shortfall.The council is not then involved.The remaining value of the property would go to the son on the second death.

This is basically what we've planned for, except that the remaining value will go to the grandchildren.

We already did equity release to pay off the original mortgage which I still had following widowhood and redundancy in 1992. Not having the mortgage to pay, which would have continued until we were 83, has enabled us to save quite a bit from income. We each save at least £200 a month from pensions income, so no real worries about tapping into the property value any further. Being together has resulted in our having spare income which we wouldn't have had if we'd been two lonely unhappy separate old people, which is what some people here seem to think we should be!

Margaret

seven-day-weekend

Glad you had a lovely 'golden' wedding party Margaret.

Getting back to the tenants in common thing - the idea of equity release is a good one - but only if you don't want your son/daughter to have the house. What they will get (hopefully) is money) - but we want our son to have the whole house, it is his home - we don't even live in it!

So it will have to be plan B for us!

margaretclare

seven-day-weekend wrote: »

Glad you had a lovely 'golden' wedding party Margaret.

Getting back to the tenants in common thing - the idea of equity release is a good one - but only if you don't want your son/daughter to have the house. What they will get (hopefully) is money) - but we want our son to have the whole house, it is his home - we don't even live in it!

So it will have to be plan B for us!

Thank you for the good wishes! Yes, we made a commitment when we got married, that we would celebrate each and every anniversary because we don't know how many we may have. The only one we really didn't celebrate was the first because it was only a matter of days after my younger daughter's funeral.

Another reason I have for being grateful to DH and glad that he's in my life, is that there had been a split between the sisters - over money and property, would you believe! He has superb negotiating skills from his years in business and he was able to 'build a bridge' between my elder daughter and me. I wouldn't even be in touch with her now, if he hadn't done that.

7DW, I think we've talked of this before - you want your son to live in a house that you're not living in at the moment. Why not give it to him now? You know he'd live in it. Why make him wait until you both die - that could be many years in the future? I don't know how old you are, but recent reports show that anyone who has survived to age 65 without a life-shortening disease, has got a likelihood of living another 20 years, possibly longer.

It's different for us, and it would probably have been a lot different if my younger daughter hadn't died in Dec 2002. All 3 of our immediate offspring each have a house already and none of them would want to move to this end of the country anyway.

Best wishes

Margaret

seven-day-weekend

margaretclare wrote: »

Thank you for the good wishes! Yes, we made a commitment when we got married, that we would celebrate each and every anniversary because we don't know how many we may have. The only one we really didn't celebrate was the first because it was only a matter of days after my younger daughter's funeral.

Another reason I have for being grateful to DH and glad that he's in my life, is that there had been a split between the sisters - over money and property, would you believe! He has superb negotiating skills from his years in business and he was able to 'build a bridge' between my elder daughter and me. I wouldn't even be in touch with her now, if he hadn't done that.

7DW, I think we've talked of this before - you want your son to live in a house that you're not living in at the moment. Why not give it to him now? You know he'd live in it. Why make him wait until you both die - that could be many years in the future? I don't know how old you are, but recent reports show that anyone who has survived to age 65 without a life-shortening disease, has got a likelihood of living another 20 years, possibly longer.

It's different for us, and it would probably have been a lot different if my younger daughter hadn't died in Dec 2002. All 3 of our immediate offspring each have a house already and none of them would want to move to this end of the country anyway.

Best wishes

Margaret

Margaret, we are only in our late 50s and will probably wish to live in our house again at some point - that is one reason why we are not signing it over to him now. When we return from Spain, which we will do eventually, the sale of that house will not realise enough capital to buy another house in the UK, and we only have a small income so could not afford to rent - we would have nowhere to live if we gave it to him now as apparently you can't give something as a gift but continue to benefit from it.

I think the favourite plan at the moment is if it happens that one of us goes into care, or dies, the other one will then make the house tenants in common with our son. The jury's still out on that though.