Will advice - not married

777birdy

After advice if possible

Looking at sorting our wills out and its seems very complicated with our circumstances and not sure if best to seek Financial adviser first or Solicitor for drafting will

 

Not married, house purchased together as tenants in common, 3 non dependants for partner from previous relationship who live independently, 1 dependant mine from previous marriage living with us. Financial settlements etc sorted from previous relationships so no issues there.

Partner owns a property and rents out since purchased property together mine was sold for capital to purchase our joint home.

Partner runs a LTD company with employees and wants to issue shares to employees, myself and children with partner as the majority shareholder 1 of employees is their child.

 

What is the fairest way to divide or how to put into will to have assets spilt if anything happens

Home and assets both obviously would pass to the other to live in, business ??? who knows??

How do we protect things in case of care home needed for either of us

Both have private pensions

 

Any scenarios or things  I haven’t though about please advise or comment

Many thanks

 

Grumpelstiltskin

Honestly the easiest way forward is either to get married or have a civil partnership.

One of you could fall under a bus tomorrow and then things could get very messy.

elsien

Power-of-attorney would sort things if one of you went into a care home. My brother has his own business so he has one power-of-attorney for his personal finances and one for the business. 

In those circumstances you might want to get legal advice.

Keep_pedalling

You need to sit down with a solicitor as far as your wills are concerned.

As for care costs, perhaps the thing to do is ring-fence some of your assets to cover that because you certainly don’t want to be dependant on the local authority to provide it.

A major consideration is IHT, if either of you have assets in excess of £325k the this becomes an issue on the first death for couples who are not married or in a civil partnership.