Unmarried, wills, property and children

K_anonymous

I've made an appointment for will writing at a solicitors, but I'm not sure if that's what I need to do?? Basically, myself and my partner (20+ years) are not married but have a 13-year-old. No other children (or future children). Our mortgage (in both names) has been paid off. As we are not married, what happens if one of us dies? I really have no idea what I should be doing?

• asset, being the house, and potentially putting it into trust for child
• sign over of house to child
• potential Will to include the asset (house).

Nobody I know is in this situation or has ever been. 

I want to make life easier for our child, but I don't want to do something now that they'll be paying for when I've gone. 

Marcon

K_anonymous said:

I've made an appointment for will writing at a solicitors, but I'm not sure if that's what I need to do?? Basically, myself and my partner (20+ years) are not married but have a 13-year-old. No other children (or future children). Our mortgage (in both names) has been paid off. As we are not married, what happens if one of us dies? I really have no idea what I should be doing?

• asset, being the house, and potentially putting it into trust for child
• sign over of house to child
• potential Will to include the asset (house).

Nobody I know is in this situation or has ever been. 

I want to make life easier for our child, but I don't want to do something now that they'll be paying for when I've gone. 

That's exactly what you need to do.

Discuss your options with the solicitor. You may not know anyone who has ever been in this situation, but they will. It's an everyday scenario for them.

Your top priority shouldn't be fretting about the house, but ensuring there are proper guardianship arrangements for your child should the worst happen and both parents die in the same car crash.

Have you considered how much IHT could be saved if you did get married/enter into a civil partnership? Not the most romantic reason, but an extremely practical and valuable one - which could ultimately be of significant financial benefit to your child.

Brie

Also consider doing power of attorneys for health and wealth.  These don't need a solicitor but just meant that should something nasty happen to either of you the other can make decisions.  This is important for health reasons as not being "next of kin" your OH won't necessarily be consulted by doctors regarding any care.  Costs about £85 to do each of these and you just need to download forms off the gov.uk website.  

Some people confuse having a will and POA and think if their wishes are in the will these will be considered prior to death but that's not the case.  

Emmia

But if getting married/CP is on the cards (whether for IHT or romantic reasons) you should ensure your will is drafted 'in contemplation of marriage' otherwise it will be invalidated as soon as you say 'I do'.

Keep_pedalling

With perhaps the except of an immediate post-death interest trust you should not be looking at putting anything in trust or signing over your house to your child.

if either of you have assets over £325k the you should seriously look at getting married or forming a civil partnership to avoid IHT on the first death. 

Agree with Brie LPAs are a must as well.

K_anonymous

Marcon said:

K_anonymous said:

I've made an appointment for will writing at a solicitors, but I'm not sure if that's what I need to do?? Basically, myself and my partner (20+ years) are not married but have a 13-year-old. No other children (or future children). Our mortgage (in both names) has been paid off. As we are not married, what happens if one of us dies? I really have no idea what I should be doing?

• asset, being the house, and potentially putting it into trust for child
• sign over of house to child
• potential Will to include the asset (house).

Nobody I know is in this situation or has ever been. 

I want to make life easier for our child, but I don't want to do something now that they'll be paying for when I've gone. 

That's exactly what you need to do.

Discuss your options with the solicitor. You may not know anyone who has ever been in this situation, but they will. It's an everyday scenario for them.

Your top priority shouldn't be fretting about the house, but ensuring there are proper guardianship arrangements for your child should the worst happen and both parents die in the same car crash.

Have you considered how much IHT could be saved if you did get married/enter into a civil partnership? Not the most romantic reason, but an extremely practical and valuable one - which could ultimately be of significant financial benefit to your child.

Goes without saying! Guardianship has been discussed and agreed. This will be part of the will. Thanksx 

K_anonymous

Brie said:

Also consider doing power of attorneys for health and wealth.  These don't need a solicitor but just meant that should something nasty happen to either of you the other can make decisions.  This is important for health reasons as not being "next of kin" your OH won't necessarily be consulted by doctors regarding any care.  Costs about £85 to do each of these and you just need to download forms off the gov.uk website.  

Some people confuse having a will and POA and think if their wishes are in the will these will be considered prior to death but that's not the case.  

Brie said:

Also consider doing power of attorneys for health and wealth.  These don't need a solicitor but just meant that should something nasty happen to either of you the other can make decisions.  This is important for health reasons as not being "next of kin" your OH won't necessarily be consulted by doctors regarding any care.  Costs about £85 to do each of these and you just need to download forms off the gov.uk website.  

Some people confuse having a will and POA and think if their wishes are in the will these will be considered prior to death but that's not the case.  

Brie - have not thought about this. I will check out the website this evening. Thank you so much for taking the time to reply

K_anonymous

Emmia said:

But if getting married/CP is on the cards (whether for IHT or romantic reasons) you should ensure your will is drafted 'in contemplation of marriage' otherwise it will be invalidated as soon as you say 'I do'.

20+ years together. Committed to each other, but I cannot see us getting married. So I'll make sure it states 'in contemplation of marriage' - is that correct?

K_anonymous

Keep_pedalling said:

With perhaps the except of an immediate post-death interest trust you should not be looking at putting anything in trust or signing over your house to your child.

if either of you have assets over £325k the you should seriously look at getting married or forming a civil partnership to avoid IHT on the first death. 

Agree with Brie LPAs are a must as well.

So less complicated being married! Thank you for responding

Mojisola

K_anonymous said:

20+ years together. Committed to each other, but I cannot see us getting married. So I'll make sure it states 'in contemplation of marriage' - is that correct?

Not if you don't intend to get married or enter a CP.

Emmia

K_anonymous said:

Emmia said:

But if getting married/CP is on the cards (whether for IHT or romantic reasons) you should ensure your will is drafted 'in contemplation of marriage' otherwise it will be invalidated as soon as you say 'I do'.

20+ years together. Committed to each other, but I cannot see us getting married. So I'll make sure it states 'in contemplation of marriage' - is that correct?

Not if you have no intention of marrying - but the IHT rules might make it financially worthwhile.