Husband making a will...slightly complicated

Savvy_Sue

While you are doing wills, also sort out LPAs. 

clare1angel

RAS said:

clare1angel said:

Keep_pedalling said:

Agree you both need a will, and I would also look at changing the ownership from sole to joint. It is only in his name because it was easier to get a mortgage that way. If you divorced it would certainly be treated as a marital asset rather than be a sole asset of your husband.

I will have to look into this as didn't know if it was something we could change.  The house is paid off now so I'm guessing it would mean adding my name to the deeds?

This is one area where you both need advice. If the house becomes a joint tenancy then is passes to the sole survivor on death. Which sounds great as it is removed from your husband's estate but more or less excludes the children from his first family from ever inheriting any value anytime from the house if he dies before or at the same time as you (even if for example you, husband and son all died in a car crash). 

You could also be tenants in common, with your husband's portion being subject to a trust after his death, allowing you to live their but ensuring one or more of the children inherit it after your death even if you remarry. There are potential complications with this as well, which is why you both need to talk to a solicitor.

Nothing to stop you then doing the paperwork yourselves when you've decided.

Again this is where it can be complicated regarding our home and all of the children.  His older children have been left their family home after their mother passed away so my husband has always said that they would be left something money wise but wouldn't have a share of this, our, home.

I'd never really thought about my name being on the house but sounds like we'd need a solicitor for that as well if we decided to go down that route.

Thank you again for your help and input

clare1angel

Savvy_Sue said:

While you are doing wills, also sort out LPAs. 

This is something that I have just been looking at although did assume that as his wife I'd be able to make decisions if needed.....it does get very complicated but I know we need to get these things sorted sooner rather than later

naedanger

clare1angel said:

Savvy_Sue said:

While you are doing wills, also sort out LPAs. 

This is something that I have just been looking at although did assume that as his wife I'd be able to make decisions if needed.....it does get very complicated but I know we need to get these things sorted sooner rather than later

Should I have an LPA if I’m married?

Yes! Just because you are married or in a civil partnership does not mean that your spouse will be able to make decisions for you if you were to lack capacity in making your own decisions, and vice versa. Many people, incorrectly,  presume that if they are married their husband or wife will automatically have the ability to handle their finances and make important decisions for them concerning their health care.

Source:

https://www.birchallblackburn.co.uk/do-i-need-a-lasting-power-of-attorney-if-im-married-2/

Savvy_Sue

clare1angel said:

Savvy_Sue said:

While you are doing wills, also sort out LPAs. 

This is something that I have just been looking at although did assume that as his wife I'd be able to make decisions if needed.....it does get very complicated but I know we need to get these things sorted sooner rather than later

Indeed, to a point, but you have to go through the 'What if ...' scenarios.

For example, if you have a joint account,

And if one of you becomes incapacitated 

And if the Bank finds out 

THEN the Bank may, quite reasonably, freeze the account to protect the incapacitated person's interests.

But if, in that scenario, you have a registered LPA for the incapacitated person, you may operate the account on their behalf and in their best interests. 

And bear in mind that even before these uncertain times, there is no guarantee that the younger / healthier person in a relationship will survive the other, and no guarantee that children will outlive their parents.

And a good solicitor will ask these 'What if' questions.

Savvy_Sue

BTW, I don't know how old your child is, but do make a note to revisit your will and LPAs once they turn 18. We did the old style EPA when only DS1 was over 18, now his brothers are (apparently!) also grown ups, they are all secondary executors on our wills and attorneys. 

RAS

clare1angel said:

Again this is where it can be complicated regarding our home and all of the children.  His older children have been left their family home after their mother passed away so my husband has always said that they would be left something money wise but wouldn't have a share of this, our, home.

This is why I suggested thinking about the wider family perspective.

Though it's very unlikely, you do however need to think about what happens if your son died before you both died, or at the same time.

When the surviving spouse died, would the estate go to their relatives? Or to those related to your son on both sides? Or to charity?

And do sort out LPAs, particularly given there's been one health scare. If DH is not conscious or able to communicate, who does he want to make decisions about his care? And who should manage his finances?

clare1angel

Savvy_Sue said:

clare1angel said:

Savvy_Sue said:

While you are doing wills, also sort out LPAs. 

This is something that I have just been looking at although did assume that as his wife I'd be able to make decisions if needed.....it does get very complicated but I know we need to get these things sorted sooner rather than later

Indeed, to a point, but you have to go through the 'What if ...' scenarios.

For example, if you have a joint account,

And if one of you becomes incapacitated 

And if the Bank finds out 

THEN the Bank may, quite reasonably, freeze the account to protect the incapacitated person's interests.

But if, in that scenario, you have a registered LPA for the incapacitated person, you may operate the account on their behalf and in their best interests. 

And bear in mind that even before these uncertain times, there is no guarantee that the younger / healthier person in a relationship will survive the other, and no guarantee that children will outlive their parents.

And a good solicitor will ask these 'What if' questions.

We have separate bank accounts so assume an LPA would give each other access to those accounts if needed? We did go to make it a joint account but would of paid a monthly fee after making changes so left it as it was.

Our child is only 7.

clare1angel

RAS said:

clare1angel said:

Again this is where it can be complicated regarding our home and all of the children.  His older children have been left their family home after their mother passed away so my husband has always said that they would be left something money wise but wouldn't have a share of this, our, home.

This is why I suggested thinking about the wider family perspective.

Though it's very unlikely, you do however need to think about what happens if your son died before you both died, or at the same time.

When the surviving spouse died, would the estate go to their relatives? Or to those related to your son on both sides? Or to charity?

And do sort out LPAs, particularly given there's been one health scare. If DH is not conscious or able to communicate, who does he want to make decisions about his care? And who should manage his finances?

His health scare left him unconscious and unable to make his own decisions so that was left to me and I assumed it always would as I'm his next of kin.

Just reading up on LPA now

Keep_pedalling

clare1angel said:

RAS said:

clare1angel said:

Again this is where it can be complicated regarding our home and all of the children.  His older children have been left their family home after their mother passed away so my husband has always said that they would be left something money wise but wouldn't have a share of this, our, home.

This is why I suggested thinking about the wider family perspective.

Though it's very unlikely, you do however need to think about what happens if your son died before you both died, or at the same time.

When the surviving spouse died, would the estate go to their relatives? Or to those related to your son on both sides? Or to charity?

And do sort out LPAs, particularly given there's been one health scare. If DH is not conscious or able to communicate, who does he want to make decisions about his care? And who should manage his finances?

His health scare left him unconscious and unable to make his own decisions so that was left to me and I assumed it always would as I'm his next of kin.

Just reading up on LPA now

I did not have a H&W LPA for my mother and I was still involved in all her medical decisions when she no longer had the capacity, but there is no guarantee of that, and you should always appoint more than attorney for back up because it is quite possible that one of you may need an attorney while the other is no longer capable of acting as such.

Financial LPAs are absolutely vital, if one loses capacity.