Help with my will - son from first marriage and now remarried

motorguy

Ok,

I've a son from my first marriage with whom i am very close. Hes 23 now, and lived with me and my second wife from he was 15. Hes now moved out and is living his own life, which is great.

Now, i'm trying to consider wording for my will.

If i had remained with my sons mother, it would be fairly natural that if i died first, my assets would have went to his mother, and vice versa. When the second parent died, all would be left to our son.

BUT, now i'm remarried (Main asset would be our house which is worth a not insignificant amount) -

If i die first, and leave everything to my wife, then she is under no obligation to leave everything to my son when she dies. She could leave all to her nephew and niece - which i think she will do (shes much closer to them than to my son). I think my son would feel rightly aggrieved.

If i die first and leave everything to my son then that would mean he would own 50% of the house. Meaning if she ever moved - say to something smaller to release equity - that would trigger a payment of 50% of the value to my son.

I think my wife would be fairly aggrieved that i would be not leaving her all in my will (not that i would be around to know!)

Likewise, she wouldnt necessarily want to leave everything to me in her will, knowing that that could ultimately exclude her nephew and niece. And likewise, i'd be fairly miffed if she left her assets to them.

Any easy answer?

-taff

Are you joint tenants or tenants in common?

DigForVictory

You can do this solo & risk a peeved widow contesting your wishes, or you can discuss this like grownups together & sort wills that are an acceptable compromise to you both. She's aware son exists? She'll be unwise to expect *everything* then.

Just please do not die intestate - it will not solve Anything for you, wife, son or stepfamily.

Please, have a discussion with Herself. If you still can't agree, with your Will leave a detailed letter explaining why you want your son to have a solid chunk so your executors understand how they got into this mess.

getmore4less

You need someone to go through all the options no easy solution.

Solutions with life interests for some or all of the assets can work.

Eg. The house goes to your chosen heirs on second death you leave each other the rest of your assets.

Still leaves the problem of the survivor running out of money and can't access part of the house.

*~Zephyr~*

My OH are not married and we have no children, but he has two from a previous marriage. We own a property as Joint Tenants and he also owns another property which he rents out. Obviously, he wants to protect his kids interests in case he pops his clogs and I get a toyboy and leave all his money to him!!

Our wills are structured thus:

If I die first he gets the lot to do with as he wishes.

If he dies first the kids get the rented house and half of the jointly owned house, but I have the right to reside in it forever. Everything else he owns, goes to me. If I sell the house to move away or downsize or whatever, the kids are entitled to their share. Otherwise they have to wait for me to snuff it.

Fairly standard stuff now.

Although he needs to get a new will done this year because we're getting married and if he doesn't everything will be mine ALL MINE!!!!! *evil cackle*

motorguy

-taff wrote: »

Are you joint tenants or tenants in common?

My second wife and i are named on the deeds of the house.

Just the two of us.

motorguy

DigForVictory wrote: »

You can do this solo & risk a peeved widow contesting your wishes, or you can discuss this like grownups together & sort wills that are an acceptable compromise to you both. She's aware son exists? She'll be unwise to expect *everything* then.

Just please do not die intestate - it will not solve Anything for you, wife, son or stepfamily.

Please, have a discussion with Herself. If you still can't agree, with your Will leave a detailed letter explaining why you want your son to have a solid chunk so your executors understand how they got into this mess.

Yes, as per the my first paragraph my son lived with us since he was 15. Moved out last year and now lives with his G/F

Yes, i appreciate it needs resolved. I was looking for advice on how it could be resolved - eg, a compromise proposal that could be suggested.

motorguy

*~Zephyr~* wrote: »

My OH are not married and we have no children, but he has two from a previous marriage. We own a property as Joint Tenants and he also owns another property which he rents out. Obviously, he wants to protect his kids interests in case he pops his clogs and I get a toyboy and leave all his money to him!!

Our wills are structured thus:

If I die first he gets the lot to do with as he wishes.

If he dies first the kids get the rented house and half of the jointly owned house, but I have the right to reside in it forever. Everything else he owns, goes to me. If I sell the house to move away or downsize or whatever, the kids are entitled to their share. Otherwise they have to wait for me to snuff it.

Fairly standard stuff now.

Although he needs to get a new will done this year because we're getting married and if he doesn't everything will be mine ALL MINE!!!!! *evil cackle*

LOL, yes thats probably where we'll end up.

The problem i have is that theres a fair chance if we take that approach she'll want to leave her "half" to her nephew and niece.

I wouldnt have a particular problem if she'd kids, not so keen on the idea that her sisters children effectively have say in what i can do (in terms of move and giving them a large sum of money, etc)

paddy's_mum

You must answer taff's question in post number 2 before any meaningful advice can be offered to you.

If you don't know, or the deeds/mortgage documents don't say, you can find out from the Land Registry.

Understanding how the property is held is the linchpin of decisions for the future.

motorguy

getmore4less wrote: »

Still leaves the problem of the survivor running out of money and can't access part of the house.

Yes, thats my concern.

motorguy

paddy's_mum wrote: »

You must answer taff's question in post number 2 before any meaningful advice can be offered to you.

If you don't know, or the deeds/mortgage documents don't say, you can find out from the Land Registry.

Understanding how the property is held is the linchpin of decisions for the future.

Ah right. Googling it now.

EDIT : Dont know - will have to find out.