Wills and disasters

Pipsqueak71

Morning all, my husband and I are in the process of doing our wills. We had our meeting and have been sent drafts. The drafts say that in the event of a distaster the assets will be split as per each estate yet we thought it would be split equally. I am not on the mortgage but have invested heavily into it and now I’m being told that’s irrelevant in the event of a disaster. I’m not on it at the moment because I don’t earn enough. We have been told we have to have a trust in place for this to happen. Is this true and should they not have explained this at the outset? 

DullGreyGuy

You dont invest in a mortgage you pay it off. Its whose name the property is in would be more relevant. 

Robin9

Whose name / s is the property in?

What children do you have ?  Any under 18?

RAS

Who did you meet? A qualified solicitor? A STEP qualified solicitor? Or a will writer? 

And by the way Immediate Post Death Trusts can be a good way of protecting assets. And any executor you appoint will be a trustee accumulating assets to distribute after probate is granted. Then their role ends.

Keep_pedalling

The important thing is ownership if your husband is the sole owner and you have a blended family or you have no children then you really should be looking at getting the home ownership sorted. It is not possible to have joint ownership with only one name on the mortgage, so I would suggest you speak to a mortgage broker about the possibility of obtaining a joint mortgage.

Does your husband have insurance in place to pay off the mortgage if he meets an unfortunate early death? That would be a far higher risk than you going together.

poseidon1

Pipsqueak71 said:

Morning all, my husband and I are in the process of doing our wills. We had our meeting and have been sent drafts. The drafts say that in the event of a distaster the assets will be split as per each estate yet we thought it would be split equally. I am not on the mortgage but have invested heavily into it and now I’m being told that’s irrelevant in the event of a disaster. I’m not on it at the moment because I don’t earn enough. We have been told we have to have a trust in place for this to happen. Is this true and should they not have explained this at the outset? 

The language you used ' in the event of a disaster' does not sound like terminology a solicitor would use when drafting a Will.

Are you using a Will writing firm rather than a solicitor? Your previous post concerning your mother placing a house into a lifetime trust, makes me wonder who you and your husband have retained to draft your wills.

Some clarification of the exact terms of the draft wills would be helpful as well as who you have chosen as executors. Not at all clear why trusts have cropped up, based on the little information you have shared so far.

Incidentally I concur with Keep_pedalling's comment re mortgage protection cover which should be on a joint life first death basis.

RAS

I'd add that if you choose, you can ask for (reducing) term life insurance, for the period required to complete the mortgage, rather than whole life insurance.