safeguarding children's inheritance

ecclesto

I am in a relationship which is going from strength to strength. Both been married before, he has 5 children, I have 2. His house is probably worth around £100,000 and he has a mortgage, not quite sure how much and no savings. My house is worth £200,000, mortgage free and I have around £20,000 savings. The question of moving in with each other has come up and I would like some advice on how to approach the subject of wills as I have suggested he move in with me, rent his property out and see how things go. That way we will both have our own house, should things go belly-up! However, as I have worked hard and fought to get my house, I was looking forward to setting the children up for life. Is there legal way round keeping our properties separate to give to the appropriate children, as I now believe that if you live together, you are entitled to half of the assets.

Any ideas please?

monkeysavers

There are ways but you need to see a lawyer to explain your situation and you should ask about a separation of property agreement, and about setting up a trust for your children. These are not particularly expensive at all, but should be done much sooner rather than later!

shykins

in a similar situation here.. i did my will allowing my partner to live in my house for his life and upon his death my estate including the house goes to my son...

i worked for a solicitor and know how to word these things so i would advise u go see a solicitor to ensure its all worded correctly for both of your sakes

HTH

SSB

Hi
Just by living together does not entitle your partner to half of your assets, you still need to be either married or in a civil partnership.

floss2

Go to your solicitor, tell him/her what you want in the event of your death, then have a will written accordingly.

Another idea is something that I have - DF has his own home with a short period of mortgage to run, I have a substantial sum of life insurance which will go to my 2 DS's as I do not have any property. When we marry, my share of the house will go to DF, DS's will get the money.