Inheritance, step children and biological daughter

DBxxx

@Lover_of_Lycra joint tenants

[Deleted User]

DBxxx said:

@Lover_of_Lycra joint tenants

Then regardless of any will the surviving spouse will automatically end up with the whole property. If you want to be able to leave your share to your daughter you’d need to sever the joint tenancy and become tenants in common.  

theoretica

It sounds to me as though you both want to do fairly by all the children but have problems working out what that looks like. And all the contingencies to take into account.  A good family solicitor (rather than a cheap 'straightforward will') could talk this through with you and help you work out the answers.  It would have a cost, but might be money well spent.

68ComebackSpecial

£8,400 per annum net income from a property with such a low equity value is surprising. Hopefully you have been declaring your rental income for tax purposes and have calculated, at least roughly, how much Capital Gains Tax will be payable upon sale of the property

Sea_Shell

Also, do you have a pension.   If so what sort?

These usually have the ability to name a beneficiary and the money passes outside of any will/intestacy.   However, it is at the final discretion of the pension trustees.

Newly_retired

You have the freedom to sever the joint tenancy without asking the other person’s agreement. However you may wish to discuss this and agree on what proportions to hold it doesn’t have to be 50:50.
you also have the freedom to make a will without consulting your spouse. He sounds very controlling to me. I naturally distrust anyone who says Trust me.

Sea_Shell

Newly_retired said:

You have the freedom to sever the joint tenancy without asking the other person’s agreement. However you may wish to discuss this and agree on what proportions to hold it doesn’t have to be 50:50.
you also have the freedom to make a will without consulting your spouse. He sounds very controlling to me. I naturally distrust anyone who says Trust me.

I still can't see how severing the joint tenancy and leaving half the marital home to the daughter helps the daughter get into the property ladder, when the time comes, or benefit from that inheritance in the medium term??

Unless the property is sold and she makes her dad "homeless", albeit with his half of the money.

OP, you really need to start maxing out a Junior ISA for your daughter with this money.   That way she'll get £XXXX at 18 for sure, not some promised "eventually" money.

DBxxx

I will look into an ISA, great idea. 

I suppose I'm struggling with what is fair also. Husband feels what is fair is to put the equity  into the marital home, I want to protect my daughter and also feel that it is not fair if it say got split between all the children equally (say 30k each). 

My husband and I have a good pension which will go to each other if we die. 

Sea_Shell

Fair is a dilemma that many blended families face.  There are no easy answers.

Your daughter is currently 2, so you've probably got at least 16-20 years before she'll start wanting to buy a property.   Hopefully you'll still both be here to enjoy it.

Does your husband have any plans to want to help his other 4 children get on the ladder?

DBxxx

@Sea_Shell he is a terrible saver so has not looked into this yet for his children.