Will Advice Please

NarkT_Ov

We're both in our 50's, me 56 and her 53 without a will. We have a 21 yearold son. We have lived together as Man & Wife since 1988 although not married.

I have one brother. She has two sisters and one brother. We both have ourMother's alive.

We have a paid for property, £150,000, cash savings, circa £80,000 and two cars (£15,000). She has her own savings of circa £32,000

In July I take early retirement and will take my works pension and will havecirca £200,000 from severance and pension lump sum.

So if we don't make a will and she dies first what claim if any would one of her sisters and her brother have on her/our estate? These two are haven’t gottwo halfpennies to rub together. I wouldn't expect the other sister to belooking for a cut of her estate.

patanne

They have no claim - you have a son. If you aren't married and don't have a will (depending on how the house is owned) then you would follow intestacy rules which I believe says that your son would get whatever is left by the one who dies, whichever of you that is.

NarkT_Ov

patanne wrote: »

(depending on how the house is owned)

House is in joint names

patanne wrote: »

then you would follow intestacy rules which I believe says that your son would get whatever is left by the one who dies

So he could do me over, mmm

patanne

If it is in joint names and not tenants in common then I believe you inherit. He would get any cash in his mothers name only. Or of course your name if you die first. Why on earth would he "do you over"? You need to check out rules of intestacy, although I suspect it is your partner who should be doing that and ensuring she writes a will so that you do not "do over" your son!!

NarkT_Ov

patanne wrote: »

If it is in joint names and not tenants in common then I believe you inherit.

All I know is we own the propery as we signed up together for it from day one and finished paying in 2012.

patanne wrote: »

You need to check out rules of intestacy, although I suspect it is your partner who should be doing that and ensuring she writes a will so that you do not "do over" your son!!

She brought the subject up a few months back as something on TV/news paper article got her attention about how he could "do her over" if I went first if he knew about intesate rules but she's thinking one of her sisters would guide him as they have not been on speaking terms for years.

Just been reading the intesate rules and they make for interesting reading.

NarkT_Ov

patanne wrote: »

If it is in joint names

Joint tenancy I would say and as far as I’m aware we have nothing written down to say we have equal sharesin the property.

[Deleted User]

Hi,

eh, why not just draw up a will, then you can choose who gets what.

See a solicitor, shouldn't cost more than £100, for peace of mind.

g6jns_2

NarkT_Ov wrote: »

We're both in our 50's, me 56 and her 53 without a will. We have a 21 yearold son. We have lived together as Man & Wife since 1988 although not married.

I have one brother. She has two sisters and one brother. We both have ourMother's alive.

We have a paid for property, £150,000, cash savings, circa £80,000 and two cars (£15,000). She has her own savings of circa £32,000

In July I take early retirement and will take my works pension and will havecirca £200,000 from severance and pension lump sum.

So if we don't make a will and she dies first what claim if any would one of her sisters and her brother have on her/our estate? These two are haven’t gottwo halfpennies to rub together. I wouldn't expect the other sister to belooking for a cut of her estate.

Some friends of mine were in very similar circumstances. Obviously new wills would be sensible but that does not overcome the potential tax liabilities. What my friends did was to have a registry office wedding in a town well away from where they lived. Just two witnesses and nobody need be any the wiser. If you do this still make the wills with the appropriate clauses before the wedding and they will still be vald afterwards.

getmore4less

You are currently very exposed to the Son getting hold of the assets should one of you go.

The other issue is that your estate is over £325 so exposed to IHT when you die.
if you have will and inherit each others then it just gets worse on second death as no transferable nil rate band.

If your son dies first then the siblings come into play.

patanne

If you bought in 1988, then I think it is quite likely joint as tenants in common was not as usual then, but you need to find this out because it makes a big difference to who inherits.

I believe it is the same for any JOINT bank accounts too (only believe - not sure).

AngelOfTheNorth

I don't understand why you wouldn't just make wills tbh.