Husband making a will...slightly complicated

Keep_pedalling

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?

Changing ownership between married couples is simple and straight forward, but you should make sure the type of ownership is correct for your situation. If you want to leave your share to specific people it needs to be held as tenants in common. 

clare1angel

Keep_pedalling 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?

Changing ownership between married couples is simple and straight forward, but you should make sure the type of ownership is correct for your situation. If you want to leave your share to specific people it needs to be held as tenants in common. 

So if I'm right then I believe I can download the LPA forms for financial and health on the GOV website so I'll be printing them off tomorrow.

With regards to our house it was just my husband wanting to make sure that if he did die first that I would definitely have the house.

Savvy_Sue

clare1angel said:

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.

Yes, in the situation you describe you'd be unable to access the other's bank account, even to find out how much was in it. If everything is set up to pay out on DDs, and money continues to go in to cover those, happy days. But potentially a horrid mess.

OK, so in 11 years time I'd want to review wills etc. No way would I want an 18 yo to take sole responsibility for being executor or attorney, BUT they could be named as one alongside an older relative. Plus by the time their services are needed, they will hopefully be A Proper Grownup.