What kind of Legal Agreement?

p00hsticks

I know where the OPs coming from as I was in a similar position - as others have said, it's imperative that you have wills in place.

I'd also suggest that if either of you are fortunate enough to have a defined benefit pension, you check if/who it would pay out to in the event of your death. Many will only pay out to spouses or dependant children - co-habitees are not usually included, although in some cases they are.

In my case, after looking into this we decided to marry (in secret, and have not told any one, so keep it quiet), simply to ensure that if I die first my OH will receive a pension from my DB schemes, worth getting on for 20k a year.

Yorkshireman99

p00hsticks wrote: »

I know where the OPs coming from as I was in a similar position - as others have said, it's imperative that you have wills in place.

I'd also suggest that if either of you are fortunate enough to have a defined benefit pension, you check if/who it would pay out to in the event of your death. Many will only pay out to spouses or dependant children - co-habitees are not usually included, although in some cases they are.

In my case, after looking into this we decided to marry (in secret, and have not told any one, so keep it quiet), simply to ensure that if I die first my OH will receive a pension from my DB schemes, worth getting on for 20k a year.

Sound advice re marriage. It is worth remembering that will are invalidated by marriage unless they are worded to cover this. Also in such circumstances it is important the executor knows of the marriage.

Mojisola

p00hsticks wrote: »

In my case, after looking into this we decided to marry

I've got relatives who married for the same reason - they haven't kept it a secret but nothing else in their life has changed.

Savvy_Sue

And the other thing to think about it is Lasting Power of Attorney. If either of you were incapacitated, there's a very real possibility that the joint account could be frozen to protect the interests of the incapable party. And if either of your families wanted to be difficult, you could find yourself excluded from discussions about the health and welfare of the incapable party.

Tom99

Talk to a solicitor about a deed of trust re the house. This will confirm your partner holds the property in trust for you both as to 50% each.

getmore4less

Tom99 wrote: »

Talk to a solicitor about a deed of trust re the house. This will confirm your partner holds the property in trust for you both as to 50% each.

It needs to go further to meet the OP requirement that they own 100% on the others death

Marriage and wills won't do that.

Yorkshireman99

getmore4less wrote: »

It needs to go further to meet the OP requirement that they own 100% on the others death

Marriage and wills won't do that.

Please explain why?

Tom99

getmore4less wrote: »

It needs to go further to meet the OP requirement that they own 100% on the others death

Marriage and wills won't do that.

Providing the Will stays in place it will.

getmore4less

Yorkshireman99 wrote: »

Please explain why?

Tom99 wrote: »

Providing the Will stays in place it will.

Wills can be changed.

The requirement was house 50% on split, 100% on death that needs something that cannot be overruled by a will

The rest of the assets on death will be a bigger problem and they will just have to trust on the will not getting changed.

Keep_pedalling

getmore4less wrote: »

Wills can be changed.

The requirement was house 50% on split, 100% on death that needs something that cannot be overruled by a will

The rest of the assets on death will be a bigger problem and they will just have to trust on the will not getting changed.

I don’t read that as the 100% on death still applies after a split. Most people would make new wills on a split / divorce, it would be a terrible choice to lock yourself into a financial arrangement that could never be changed regardless of future circumstances.