Tenants in common and step/adult daughter

Mrs_ted

Not sure if this is the right forum for this question.

I am wondering if I should go tenants in common with my husband on this house purchase. I want to make sure my daughter gets a percentage of the property if anything should happen to me. My husband fully supports my concerns.

basically a close family friend remarried and the children got nothing. I want to avoid this and was wondering which is the best way to protect my daughters future.

Obviously I am seeing a solicitor regarding this but would like anyone's advice/experience.

McKneff

Just explain it to your solicitor and he will sort it out for you.

Mojisola

You need a will as well otherwise your share of the house would still go to your husband under the intestacy rules.

Is your husband in a position to buy out your daughter or would you leave her share in a trust so that your husband will be able to live in the house - or sell and move elsewhere using the money - until he dies?

holly_hobby

Yes effecting the deeds under a tenants in common arrangement, means that you can each individually bequeath your legal ownership to whomever you wish on your death.

As correctly pointed out, you must accompany this with a will, as otherwise your share will revert to your surviving husband under intestacy regs.

Obviously, if your d wants to live in the property, she has full rights, If she wants to realise her inheritance - then that will mean hubby selling the house if he doesn't have the capital. (so life cover on you may be an idea).

Discuss your requirements with your solicitor and finanical adviser whom will give guidance on estate management and provison.

Hope this helps

Holly

Mrs_ted

Thank you. Not sure if my husband would be in a position to buy her out. But he is very supportive in that I want my half of the house to go to her and in his will he will leave his half to her also.

We don't know what the future holds. My husband could remarry and leave his 50% share to his new wife on his death. Would that mean then that she can live in the house until she dies?

I know this is all a little irrational but I have seen families and children left without anything from second marriages.

Thanks again for all the advice.

Mojisola

Mrs_ted wrote: »

We don't know what the future holds. My husband could remarry and leave his 50% share to his new wife on his death. Would that mean then that she can live in the house until she dies?

I know this is all a little irrational but I have seen families and children left without anything from second marriages.

It's not irrational - it's very sensible to look ahead at all the possibilities.

If you died and left your half of the house to your daughter but gave your husband the right to live there until his death, that permission would finish on his death. If he had left his half of the house to his new spouse (or hadn't left a will), then she would own half the house and your daughter the other half.

If the widow couldn't buy your daughter out, your daughter could go to court to force a sale but it could messy and upsetting in the meantime.

Have you thought about taking out insurance that would go directly to your daughter and leave the house in your joint names for your husband?

holly_hobby

Essentially yes she could, as she would be joint legal owner with him.

She could also force sale throught the courts, if he played silly beggars (although associated costs could seriously affect what she actually receives) - as could he of course.

I should also point out, that if you pre-decease hubby, and there is an os joint mortgage, it becomes his sole responsibility (and vice versa of course) - which is another reason why (and esp if there is a mge) you may want to consider a joint life cover policy.

Hope this helps

Holly

McKneff

Just to save any second marriage business in my house, I have given strict insturctions to my OH, he is not allowed to remarry, if he does I will come back and haunt him