Life Insurance:

Seanymph

Does this count as part of your 'assets'.

I have a husband who hasn't signed his will. And who has children from his first marriage.

I'd like to understand the ramifications of this.

I know that I get the first £250,000 of his 'assets' and then 50% of anything over split 50% with his children.

But I'd never considered what counted as his 'asset' before.

He lives in my house, we don't consider that any asset of his - but would it be considered part of his 'estate' if he passed?

He owns a house which I DO consider his asset.

We own a house in France - which is not mentioned in our English will as in France it is purchased en tontine - and should pass to me - would an English lawyer count that? We don't want them to.

he has life insurance - is that an asset?

I wasn't bothered because stupidly I thought oh well, if he dies I'll give HIS house to his kids (because that's what in his will) and everything will be fine.

But I'm now worried it won't be that simple - it depends, I guess, what is included and how early on we hit the £250,000 limit.

Can anyone offer me any guidance?

g6jns_2

Seanymph wrote: »

Does this count as part of your 'assets'.

I have a husband who hasn't signed his will. And who has children from his first marriage.

I'd like to understand the ramifications of this.

I know that I get the first £250,000 of his 'assets' and then 50% of anything over split 50% with his children.

But I'd never considered what counted as his 'asset' before.

He lives in my house, we don't consider that any asset of his - but would it be considered part of his 'estate' if he passed?

He owns a house which I DO consider his asset.

We own a house in France - which is not mentioned in our English will as in France it is purchased en tontine - and should pass to me - would an English lawyer count that? We don't want them to.

he has life insurance - is that an asset?

I wasn't bothered because stupidly I thought oh well, if he dies I'll give HIS house to his kids (because that's what in his will) and everything will be fine.

But I'm now worried it won't be that simple - it depends, I guess, what is included and how early on we hit the £250,000 limit.

Can anyone offer me any guidance?

The rules changed on 1st October 2014. This tells you more

http://www.theguardian.com/money/2014/sep/20/wills-inheritance-changes-intestacy-rules

Usually life assurance get paid to a nominated person and does not form part of the estate but you need to check the exact terms.

The French property if held en tontine should not form part of the estate. You might like to look at this link that tells you more.

http://www.french-property.com/guides/france/purchase-real-estate/legal/joint-ownership/en-tontine/

Your husband should still make a will.