Will question:

Gogled

If it is a specific legacy of the property, the "default position" would be that the beneficiary would receive the property subject to the mortgage. The previous points about not being able to inherit a mortgage are true from a practical sense, but not from a legal. As such, the kids would likely have to sell the property to settle the debt. Does depend on the wording of the Will though.

Re holding French property en tontine, if your partner's children were to contest this, they would have a high likelihood of success. French courts do not like properties being held this way.

Gogled

Sorry, on an insurance point, if the insurance is payable to the estate then it will be subject to inheritance tax on death. Also, by the way you have explained how your Wills are drafted, the insurance monies would form part of your residuary estate.

Unfortunately, your circumstances have changed since you last did your Wills and you have relatively complicated affairs. You should really take further advice. Do not try and do your own with a Smiths Will pack...

Seanymph

it IS a specific legacy of the property. The house to the kids, everything else to me, in that order.


We knew French law was fairly locked in on inheritance, but have done all we can - which let's face it is the best you can do, hopefully the notaire was worth his (very large) fee.


Presumably if the insurance is on the mortgage (against the mortgage, earmarked for the mortgage) as suggest above then it won't count for inheritance tax?


And what a pain about further advice - truly, I was furious about the £480! (The quote was £300 and even then I thought I was being robbed). The wills have come, along with the inflated bill - and now it seems we will have to practically start all over.


I feel a lot closer to understanding though, so thanks.

Seanymph

A quick note of thank you to everyone who took the time to post and an update.

We have taken out a decreasing term life assurance as discussed - a joint one actually - so that neither of us would have to worry about the mortgage on the loss of the other.

It was a fairly simple solution, but for some reason never occurred to me until someone mentioned it.