Married but 'own' a house each?!

louiserer

Good afternoon,

I am looking for some advice I will try to explain what I mean as best as I can!

When I met my now husband we owned a house each (mortgaged) I moved in to his house and my house is now rented out. The house we live in now remains in his name, the rented-out-house stays in my name.

He has a will set up long before he met me, I am not entirely sure if I actually have a will but I am pretty sure I don't. His will leaves everything to his parents at the moment.

Now, if I was to die I assume him as next of kin inherits my estate. But, as he doesn't have a name on anything would he pay inheritance tax? Had we own our properties joint would this change how that works?

Sorry if I have not explained that very well, I am not very knowledgeable in this area at all,

Many thanks,

Louise

msb5262

Can't answer a lot of this, but your husband's current will has no legal standing as wills made before marriage become void on marriage. He'll have to make a new one even if he doesn't change the content of the will.

thorsoak

When a person marries, a will made before marriage is automatically revoked - unless it is stated that a marriage is about to take place. Therefore, your OH's will became invalid when you married.

Of course, if a couple just choose to live together, any existing will stands - it is very important that people realise this - even if there are children born to the partnership.

tyllwyd

If you die without having a will you are intestate and the intestacy rules apply
http://www.adviceguide.org.uk/wales/relationships_w/relationships_death_and_wills_e/who_can_inherit_if_there_is_no_will___the_rules_of_intestacy.htm
As the poster above says, your OH's will is probably no longer valid now he is married (it depends on the wording).

About the house - whether he is a joint owner of the property might make a difference - the link about explains about beneficial joint ownership and tenants in common.

But overall, the best advice is for both of you to go to a solicitor together, explain what you both want to happen in the event of death, and the solicitor can draw up new wills for both of you.

louiserer

Ah ok, well that's something we didn't know! We best get on this sooner rather than later.

We were just concerned as both of us are contributing to each house but in the event of something happening to us just because the 'name wasn't on the papers' we would end up paying inheritance tax on the estate.

SuzieSue

louiserer wrote: »

Ah ok, well that's something we didn't know! We best get on this sooner rather than later.

We were just concerned as both of us are contributing to each house but in the event of something happening to us just because the 'name wasn't on the papers' we would end up paying inheritance tax on the estate.

If you make wills leaving everything to each other then there will be no inheritance tax to pay as you are married.

If you don't make wills then depending on the value of your estates some of your beneficiaries might have to pay inheritance tax.