How to protect kids inheritance if I die first

getmore4less

silvercar wrote: »

Problem arises if the surviving spouse wants to move home; he/she needs the children's agreement as they own half the property and they may prefer a payout but the spouse may want a home of similar value.

They don't own anything they become remaindermen of an IPDI trust.(life interest)

The share of the property is in trust and only the trustees need to agree to any changes.

The trust can have terms that allow the change of property even keeping any surplus(if downsizing) in the trust for benefit of the life tenant.

Other assets could also be put in the trust but it is much simpler if it is just property and there is usually no need for any tax returns.

Alikay

getmore4less wrote: »

They don't own anything they become remaindermen of an IPDI trust.(life interest)

Yes, it's important to get it done properly, rather than just leave half the house to children without making those arrangements. definitely a job for a proper solicitor rather than using a will-making kit off the internet.

Silvertabby

Whatever you do, do it properly.

When Mr S's dad died his stepmum promised that she would leave the house to Mr S and his siblings in her will. She re-married, but didn't make a new will, meaning that her existing will was invalid.

Her husband pre-deceased her and she still didn't make a will. When she died, everything went to her brother as her only blood relative.

TBagpuss

givememoney wrote: »

What happens though if say my husband dies. Could our children force me out to get their share and say being by myself I might want to move.

It depends on the terms of your will. It's possible to provide for you to have the right to occupy the property during your lifetime, and also for you to move to a new property on similar terms - this might be on the basis that if you downsize, and equity released is paid to the children on account of their interest, or that it is split, or that it is retained by the surviving spouse - it all depends on the terms of the will.

You need to arrange to see an experiences solicitor and talk through your options, and also to discuss with your Spouse what you each feel would be appropriate so you are on the same page.