Looking for advice on Wills etc

DoneWorking

Yorkie1 said:

DoneWorking said:

Newly_retired said:

Whilst I would certainly use a STEP solicitor to make the wills, there is no need to name them as ( joint) executors. The excutor can use a solicitor for advice or certain actions, which will be much cheaper and quicker than making a solicitor executor.
We had an IPDI trust to ensure that the house will eventually go to all children from our blended marriage. Money well spent there.

Do you think it would be ok to use one of the Charity appointed Solicitors to set up my will 
These are usually free
And they check and guarantee the will is legal
Plus you can leave a gift for them .

I would not risk it, given the relative complexities involved in getting the wording wrong with the clause which creates the IPDI, the discussions which need to be had about those details, and the question of determining how the house is held (joint tenants, or tenants in common).
You can leave a gift to the charity in your will even if you don't use that route to drafting it 

I would then consider appointing the two adult children as executors with the understanding that they could seek legal help should they need this.
They are both competent experienced administrators.
That makes sense, as previously advised, whoever you eventually get to draft your will

I like the idea of the IPDI Trust Option
Would this meet my requirements
Or should I consider other Trust options too.
As you can see from the name, the IPDI (Immediate Post Death Interest trust) only comes into effect on the death of the first owner. 
When writing the wills, both owners create a document which says each owns 50% (or whatever alternative proportion is agreed). This means that each part can be given away in the will, rather than automatically going to the other owner if they are Joint tenants.
With an IPDI, each person's will essentially says that they give their part of the property to both children, but that after the first person's death, the other owner has the right to live there during their lifetime (as I referred to above, there are additional clauses which deal with what happens if they move house, go into a care home, sell the property - what happens to the sale proceeds and/or income from them such as interest, and who pays for repairs and insurance etc).
It is only when the second person dies, that the children's ownership comes into operation. They are not part owners while the second person is still alive.

No need for other trust options. They are expensive, rarely appropriate, and create ongoing tax and administration issues from their start. Avoid.

We will probably set up powers of attorney ourselves 
Is this usually ok to do 
See others' comments. It's relatively straightforward but it is vital to ensure that they are signed in the correct order. 
There are two types: health, and financial / property. Best to consider getting both done.
You will need to consider whether you want your children to act jointly (both must agree and be involved in each decision / action), or "jointly and severally", which means that one can act on their own if necessary / desired.

Or is it worth paying for peace of mind 

Best to pay for piece of mind, in my opinion.

 Been thinking over the points you and others raise

Currently we do not have wills or poa in place 

Should one of us die I'm assuming the surviving spouse would inherit everything 

We intend to use a Solicitor to set up a simple will for each of us 
Leaving everything to partner
If they have already died 
Everything to the adult children 

I'm not sure whether to set up a trust 
Or even the IPDI
Under an IPDI would both children in effect own the house should one partner die
Wouldn't that be really complicated 
What if they wanted to sell it 
Or it required extensive work 
Who would pay
What if surviving spouse wanted to move out of the home but needed to sell it to buy a new home 

Is it best to make spouse and both children executors
Or just the children

We would set up PoA for each of us 

Grey_Critic

I have seen that various charities are offering on Facebook to do wills for around £20 

Macmillan Nurses and Help the Aged are two I have seen. Why not give them a call?

poppystar

DoneWorking said:

Yorkie1 said:

DoneWorking said:

Newly_retired said:

Whilst I would certainly use a STEP solicitor to make the wills, there is no need to name them as ( joint) executors. The excutor can use a solicitor for advice or certain actions, which will be much cheaper and quicker than making a solicitor executor.
We had an IPDI trust to ensure that the house will eventually go to all children from our blended marriage. Money well spent there.

Do you think it would be ok to use one of the Charity appointed Solicitors to set up my will 
These are usually free
And they check and guarantee the will is legal
Plus you can leave a gift for them .

I would not risk it, given the relative complexities involved in getting the wording wrong with the clause which creates the IPDI, the discussions which need to be had about those details, and the question of determining how the house is held (joint tenants, or tenants in common).
You can leave a gift to the charity in your will even if you don't use that route to drafting it 

I would then consider appointing the two adult children as executors with the understanding that they could seek legal help should they need this.
They are both competent experienced administrators.
That makes sense, as previously advised, whoever you eventually get to draft your will

I like the idea of the IPDI Trust Option
Would this meet my requirements
Or should I consider other Trust options too.
As you can see from the name, the IPDI (Immediate Post Death Interest trust) only comes into effect on the death of the first owner. 
When writing the wills, both owners create a document which says each owns 50% (or whatever alternative proportion is agreed). This means that each part can be given away in the will, rather than automatically going to the other owner if they are Joint tenants.
With an IPDI, each person's will essentially says that they give their part of the property to both children, but that after the first person's death, the other owner has the right to live there during their lifetime (as I referred to above, there are additional clauses which deal with what happens if they move house, go into a care home, sell the property - what happens to the sale proceeds and/or income from them such as interest, and who pays for repairs and insurance etc).
It is only when the second person dies, that the children's ownership comes into operation. They are not part owners while the second person is still alive.

No need for other trust options. They are expensive, rarely appropriate, and create ongoing tax and administration issues from their start. Avoid.

We will probably set up powers of attorney ourselves 
Is this usually ok to do 
See others' comments. It's relatively straightforward but it is vital to ensure that they are signed in the correct order. 
There are two types: health, and financial / property. Best to consider getting both done.
You will need to consider whether you want your children to act jointly (both must agree and be involved in each decision / action), or "jointly and severally", which means that one can act on their own if necessary / desired.

Or is it worth paying for peace of mind 

Best to pay for piece of mind, in my opinion.

 Been thinking over the points you and others raise

Currently we do not have wills or poa in place 

Should one of us die I'm assuming the surviving spouse would inherit everything 

We intend to use a Solicitor to set up a simple will for each of us 
Leaving everything to partner
If they have already died 
Everything to the adult children 

I'm not sure whether to set up a trust 
Or even the IPDI
Under an IPDI would both children in effect own the house should one partner die
Wouldn't that be really complicated 
What if they wanted to sell it 
Or it required extensive work 
Who would pay
What if surviving spouse wanted to move out of the home but needed to sell it to buy a new home 

Under the IPDI partner would have the right to remain in the house until they die unless they remarry or meet any other criteria set. The partner would be responsible for the upkeep. The children would not have access to their inheritance until partner dies/remarries. But the inheritance is there for them. The alternative, if no IPDI, is either partner has to sell now if you’ve left the value of your half to your children without an IPDI or if you’ve left it to your partner only there is no guarantee that your children will get anything at any point in the future. Yes, your partner might uphold any wishes for your children to receive anything on their death but there is nothing to ensure that at all. 

Keep_pedalling

DoneWorking said:

Yorkie1 said:

DoneWorking said:

Newly_retired said:

Whilst I would certainly use a STEP solicitor to make the wills, there is no need to name them as ( joint) executors. The excutor can use a solicitor for advice or certain actions, which will be much cheaper and quicker than making a solicitor executor.
We had an IPDI trust to ensure that the house will eventually go to all children from our blended marriage. Money well spent there.

Do you think it would be ok to use one of the Charity appointed Solicitors to set up my will 
These are usually free
And they check and guarantee the will is legal
Plus you can leave a gift for them .

I would not risk it, given the relative complexities involved in getting the wording wrong with the clause which creates the IPDI, the discussions which need to be had about those details, and the question of determining how the house is held (joint tenants, or tenants in common).
You can leave a gift to the charity in your will even if you don't use that route to drafting it 

I would then consider appointing the two adult children as executors with the understanding that they could seek legal help should they need this.
They are both competent experienced administrators.
That makes sense, as previously advised, whoever you eventually get to draft your will

I like the idea of the IPDI Trust Option
Would this meet my requirements
Or should I consider other Trust options too.
As you can see from the name, the IPDI (Immediate Post Death Interest trust) only comes into effect on the death of the first owner. 
When writing the wills, both owners create a document which says each owns 50% (or whatever alternative proportion is agreed). This means that each part can be given away in the will, rather than automatically going to the other owner if they are Joint tenants.
With an IPDI, each person's will essentially says that they give their part of the property to both children, but that after the first person's death, the other owner has the right to live there during their lifetime (as I referred to above, there are additional clauses which deal with what happens if they move house, go into a care home, sell the property - what happens to the sale proceeds and/or income from them such as interest, and who pays for repairs and insurance etc).
It is only when the second person dies, that the children's ownership comes into operation. They are not part owners while the second person is still alive.

No need for other trust options. They are expensive, rarely appropriate, and create ongoing tax and administration issues from their start. Avoid.

We will probably set up powers of attorney ourselves 
Is this usually ok to do 
See others' comments. It's relatively straightforward but it is vital to ensure that they are signed in the correct order. 
There are two types: health, and financial / property. Best to consider getting both done.
You will need to consider whether you want your children to act jointly (both must agree and be involved in each decision / action), or "jointly and severally", which means that one can act on their own if necessary / desired.

Or is it worth paying for peace of mind 

Best to pay for piece of mind, in my opinion.

 Been thinking over the points you and others raise

Currently we do not have wills or poa in place 

Lasting powers of attorney are just as important as wills, if one of you looses mental capacity through accident or illness it can leave you in a terrible financial mess until someone can obtain deputyship which is an expensive and long winded process. You can do this yourselves you don’t need to use a solicitor for this.

Should one of us die I'm assuming the surviving spouse would inherit everything 

That is an incorrect assumption. A surviving spouse will automatically inherit joint assets, including the marital home provided it is held as joint tenants, but solely owned assets ( including the share of a home owned as tenants in common) is governed by the laws of intestacy, which in England and Wales gives the first £322k to the spouse and everything above that 50% to the spouse and the rest to your children.

We intend to use a Solicitor to set up a simple will for each of us 
Leaving everything to partner
If they have already died 
Everything to the adult children 

I'm not sure whether to set up a trust 
Or even the IPDI
Under an IPDI would both children in effect own the house should one partner die
Wouldn't that be really complicated 
What if they wanted to sell it 
Or it required extensive work 
Who would pay
What if surviving spouse wanted to move out of the home but needed to sell it to buy a new home 

Is it best to make spouse and both children executors
Or just the children

We would set up PoA for each of us 

You should go down the IPDI trust route, it is not really that complicated. If the surviving spouse wanted to downsize or move to a different area then the trust transfers to the home. If the property is sold because the surviving spouse is going into care then the trust’s share usually stays in trust with the surviving spouse having entitlement to the income. Usually cost of upkeep is the responsability of the surviving spouse. 

All these things will be looked at by the solicitor drafting the will which is why you need a STEP solicitor.

I would appoint my spouse and children as executors. I would also appoint the same people as my attorneys on the LPAs with all being able to act jointly and severally. 

DoneWorking

poppystar said:

DoneWorking said:

Yorkie1 said:

DoneWorking said:

Newly_retired said:

Whilst I would certainly use a STEP solicitor to make the wills, there is no need to name them as ( joint) executors. The excutor can use a solicitor for advice or certain actions, which will be much cheaper and quicker than making a solicitor executor.
We had an IPDI trust to ensure that the house will eventually go to all children from our blended marriage. Money well spent there.

Do you think it would be ok to use one of the Charity appointed Solicitors to set up my will 
These are usually free
And they check and guarantee the will is legal
Plus you can leave a gift for them .

I would not risk it, given the relative complexities involved in getting the wording wrong with the clause which creates the IPDI, the discussions which need to be had about those details, and the question of determining how the house is held (joint tenants, or tenants in common).
You can leave a gift to the charity in your will even if you don't use that route to drafting it 

I would then consider appointing the two adult children as executors with the understanding that they could seek legal help should they need this.
They are both competent experienced administrators.
That makes sense, as previously advised, whoever you eventually get to draft your will

I like the idea of the IPDI Trust Option
Would this meet my requirements
Or should I consider other Trust options too.
As you can see from the name, the IPDI (Immediate Post Death Interest trust) only comes into effect on the death of the first owner. 
When writing the wills, both owners create a document which says each owns 50% (or whatever alternative proportion is agreed). This means that each part can be given away in the will, rather than automatically going to the other owner if they are Joint tenants.
With an IPDI, each person's will essentially says that they give their part of the property to both children, but that after the first person's death, the other owner has the right to live there during their lifetime (as I referred to above, there are additional clauses which deal with what happens if they move house, go into a care home, sell the property - what happens to the sale proceeds and/or income from them such as interest, and who pays for repairs and insurance etc).
It is only when the second person dies, that the children's ownership comes into operation. They are not part owners while the second person is still alive.

No need for other trust options. They are expensive, rarely appropriate, and create ongoing tax and administration issues from their start. Avoid.

We will probably set up powers of attorney ourselves 
Is this usually ok to do 
See others' comments. It's relatively straightforward but it is vital to ensure that they are signed in the correct order. 
There are two types: health, and financial / property. Best to consider getting both done.
You will need to consider whether you want your children to act jointly (both must agree and be involved in each decision / action), or "jointly and severally", which means that one can act on their own if necessary / desired.

Or is it worth paying for peace of mind 

Best to pay for piece of mind, in my opinion.

 Been thinking over the points you and others raise

Currently we do not have wills or poa in place 

Should one of us die I'm assuming the surviving spouse would inherit everything 

We intend to use a Solicitor to set up a simple will for each of us 
Leaving everything to partner
If they have already died 
Everything to the adult children 

I'm not sure whether to set up a trust 
Or even the IPDI
Under an IPDI would both children in effect own the house should one partner die
Wouldn't that be really complicated 
What if they wanted to sell it 
Or it required extensive work 
Who would pay
What if surviving spouse wanted to move out of the home but needed to sell it to buy a new home 

Under the IPDI partner would have the right to remain in the house until they die unless they remarry or meet any other criteria set. The partner would be responsible for the upkeep. The children would not have access to their inheritance until partner dies/remarries. But the inheritance is there for them. The alternative, if no IPDI, is either partner has to sell now if you’ve left the value of your half to your children without an IPDI or if you’ve left it to your partner only there is no guarantee that your children will get anything at any point in the future. Yes, your partner might uphold any wishes for your children to receive anything on their death but there is nothing to ensure that at all. 

Both of us would leave everything to the surviving partner 
Hence no risk of children taking over half of the property should one spouse die

The children would inherit the property on the death of the surving spouse

We do not see any risk in our partners changing the will to deny the children their inheritance 

Keep_pedalling

DoneWorking said:

poppystar said:

DoneWorking said:

Yorkie1 said:

DoneWorking said:

Newly_retired said:

Whilst I would certainly use a STEP solicitor to make the wills, there is no need to name them as ( joint) executors. The excutor can use a solicitor for advice or certain actions, which will be much cheaper and quicker than making a solicitor executor.
We had an IPDI trust to ensure that the house will eventually go to all children from our blended marriage. Money well spent there.

Do you think it would be ok to use one of the Charity appointed Solicitors to set up my will 
These are usually free
And they check and guarantee the will is legal
Plus you can leave a gift for them .

I would not risk it, given the relative complexities involved in getting the wording wrong with the clause which creates the IPDI, the discussions which need to be had about those details, and the question of determining how the house is held (joint tenants, or tenants in common).
You can leave a gift to the charity in your will even if you don't use that route to drafting it 

I would then consider appointing the two adult children as executors with the understanding that they could seek legal help should they need this.
They are both competent experienced administrators.
That makes sense, as previously advised, whoever you eventually get to draft your will

I like the idea of the IPDI Trust Option
Would this meet my requirements
Or should I consider other Trust options too.
As you can see from the name, the IPDI (Immediate Post Death Interest trust) only comes into effect on the death of the first owner. 
When writing the wills, both owners create a document which says each owns 50% (or whatever alternative proportion is agreed). This means that each part can be given away in the will, rather than automatically going to the other owner if they are Joint tenants.
With an IPDI, each person's will essentially says that they give their part of the property to both children, but that after the first person's death, the other owner has the right to live there during their lifetime (as I referred to above, there are additional clauses which deal with what happens if they move house, go into a care home, sell the property - what happens to the sale proceeds and/or income from them such as interest, and who pays for repairs and insurance etc).
It is only when the second person dies, that the children's ownership comes into operation. They are not part owners while the second person is still alive.

No need for other trust options. They are expensive, rarely appropriate, and create ongoing tax and administration issues from their start. Avoid.

We will probably set up powers of attorney ourselves 
Is this usually ok to do 
See others' comments. It's relatively straightforward but it is vital to ensure that they are signed in the correct order. 
There are two types: health, and financial / property. Best to consider getting both done.
You will need to consider whether you want your children to act jointly (both must agree and be involved in each decision / action), or "jointly and severally", which means that one can act on their own if necessary / desired.

Or is it worth paying for peace of mind 

Best to pay for piece of mind, in my opinion.

 Been thinking over the points you and others raise

Currently we do not have wills or poa in place 

Should one of us die I'm assuming the surviving spouse would inherit everything 

We intend to use a Solicitor to set up a simple will for each of us 
Leaving everything to partner
If they have already died 
Everything to the adult children 

I'm not sure whether to set up a trust 
Or even the IPDI
Under an IPDI would both children in effect own the house should one partner die
Wouldn't that be really complicated 
What if they wanted to sell it 
Or it required extensive work 
Who would pay
What if surviving spouse wanted to move out of the home but needed to sell it to buy a new home 

Under the IPDI partner would have the right to remain in the house until they die unless they remarry or meet any other criteria set. The partner would be responsible for the upkeep. The children would not have access to their inheritance until partner dies/remarries. But the inheritance is there for them. The alternative, if no IPDI, is either partner has to sell now if you’ve left the value of your half to your children without an IPDI or if you’ve left it to your partner only there is no guarantee that your children will get anything at any point in the future. Yes, your partner might uphold any wishes for your children to receive anything on their death but there is nothing to ensure that at all. 

Both of us would leave everything to the surviving partner 
Hence no risk of children taking over half of the property should one spouse die

The children would inherit the property on the death of the surving spouse

We do not see any risk in our partners changing the will to deny the children their inheritance 

There is always the risk that the surviving partner remarries then dies or loses mental capacity before making a new will which would disinherit the children. The risk might be small but the consequences would be disastrous. 

DoneWorking

Keep_pedalling said:

DoneWorking said:

poppystar said:

DoneWorking said:

Yorkie1 said:

DoneWorking said:

Newly_retired said:

Whilst I would certainly use a STEP solicitor to make the wills, there is no need to name them as ( joint) executors. The excutor can use a solicitor for advice or certain actions, which will be much cheaper and quicker than making a solicitor executor.
We had an IPDI trust to ensure that the house will eventually go to all children from our blended marriage. Money well spent there.

Do you think it would be ok to use one of the Charity appointed Solicitors to set up my will 
These are usually free
And they check and guarantee the will is legal
Plus you can leave a gift for them .

I would not risk it, given the relative complexities involved in getting the wording wrong with the clause which creates the IPDI, the discussions which need to be had about those details, and the question of determining how the house is held (joint tenants, or tenants in common).
You can leave a gift to the charity in your will even if you don't use that route to drafting it 

I would then consider appointing the two adult children as executors with the understanding that they could seek legal help should they need this.
They are both competent experienced administrators.
That makes sense, as previously advised, whoever you eventually get to draft your will

I like the idea of the IPDI Trust Option
Would this meet my requirements
Or should I consider other Trust options too.
As you can see from the name, the IPDI (Immediate Post Death Interest trust) only comes into effect on the death of the first owner. 
When writing the wills, both owners create a document which says each owns 50% (or whatever alternative proportion is agreed). This means that each part can be given away in the will, rather than automatically going to the other owner if they are Joint tenants.
With an IPDI, each person's will essentially says that they give their part of the property to both children, but that after the first person's death, the other owner has the right to live there during their lifetime (as I referred to above, there are additional clauses which deal with what happens if they move house, go into a care home, sell the property - what happens to the sale proceeds and/or income from them such as interest, and who pays for repairs and insurance etc).
It is only when the second person dies, that the children's ownership comes into operation. They are not part owners while the second person is still alive.

No need for other trust options. They are expensive, rarely appropriate, and create ongoing tax and administration issues from their start. Avoid.

We will probably set up powers of attorney ourselves 
Is this usually ok to do 
See others' comments. It's relatively straightforward but it is vital to ensure that they are signed in the correct order. 
There are two types: health, and financial / property. Best to consider getting both done.
You will need to consider whether you want your children to act jointly (both must agree and be involved in each decision / action), or "jointly and severally", which means that one can act on their own if necessary / desired.

Or is it worth paying for peace of mind 

Best to pay for piece of mind, in my opinion.

 Been thinking over the points you and others raise

Currently we do not have wills or poa in place 

Should one of us die I'm assuming the surviving spouse would inherit everything 

We intend to use a Solicitor to set up a simple will for each of us 
Leaving everything to partner
If they have already died 
Everything to the adult children 

I'm not sure whether to set up a trust 
Or even the IPDI
Under an IPDI would both children in effect own the house should one partner die
Wouldn't that be really complicated 
What if they wanted to sell it 
Or it required extensive work 
Who would pay
What if surviving spouse wanted to move out of the home but needed to sell it to buy a new home 

Under the IPDI partner would have the right to remain in the house until they die unless they remarry or meet any other criteria set. The partner would be responsible for the upkeep. The children would not have access to their inheritance until partner dies/remarries. But the inheritance is there for them. The alternative, if no IPDI, is either partner has to sell now if you’ve left the value of your half to your children without an IPDI or if you’ve left it to your partner only there is no guarantee that your children will get anything at any point in the future. Yes, your partner might uphold any wishes for your children to receive anything on their death but there is nothing to ensure that at all. 

Both of us would leave everything to the surviving partner 
Hence no risk of children taking over half of the property should one spouse die

The children would inherit the property on the death of the surving spouse

We do not see any risk in our partners changing the will to deny the children their inheritance 

There is always the risk that the surviving partner remarries then dies or loses mental capacity before making a new will which would disinherit the children. The risk might be small but the consequences would be disastrous. 

If either my wife or I remarried after the death of the other we would ensure the will was amended at the same time as the marriage to ensure the children were not excluded from their inheritance 

Keep_pedalling

DoneWorking said:

Keep_pedalling said:

DoneWorking said:

poppystar said:

DoneWorking said:

Yorkie1 said:

DoneWorking said:

Newly_retired said:

Whilst I would certainly use a STEP solicitor to make the wills, there is no need to name them as ( joint) executors. The excutor can use a solicitor for advice or certain actions, which will be much cheaper and quicker than making a solicitor executor.
We had an IPDI trust to ensure that the house will eventually go to all children from our blended marriage. Money well spent there.

Do you think it would be ok to use one of the Charity appointed Solicitors to set up my will 
These are usually free
And they check and guarantee the will is legal
Plus you can leave a gift for them .

I would not risk it, given the relative complexities involved in getting the wording wrong with the clause which creates the IPDI, the discussions which need to be had about those details, and the question of determining how the house is held (joint tenants, or tenants in common).
You can leave a gift to the charity in your will even if you don't use that route to drafting it 

I would then consider appointing the two adult children as executors with the understanding that they could seek legal help should they need this.
They are both competent experienced administrators.
That makes sense, as previously advised, whoever you eventually get to draft your will

I like the idea of the IPDI Trust Option
Would this meet my requirements
Or should I consider other Trust options too.
As you can see from the name, the IPDI (Immediate Post Death Interest trust) only comes into effect on the death of the first owner. 
When writing the wills, both owners create a document which says each owns 50% (or whatever alternative proportion is agreed). This means that each part can be given away in the will, rather than automatically going to the other owner if they are Joint tenants.
With an IPDI, each person's will essentially says that they give their part of the property to both children, but that after the first person's death, the other owner has the right to live there during their lifetime (as I referred to above, there are additional clauses which deal with what happens if they move house, go into a care home, sell the property - what happens to the sale proceeds and/or income from them such as interest, and who pays for repairs and insurance etc).
It is only when the second person dies, that the children's ownership comes into operation. They are not part owners while the second person is still alive.

No need for other trust options. They are expensive, rarely appropriate, and create ongoing tax and administration issues from their start. Avoid.

We will probably set up powers of attorney ourselves 
Is this usually ok to do 
See others' comments. It's relatively straightforward but it is vital to ensure that they are signed in the correct order. 
There are two types: health, and financial / property. Best to consider getting both done.
You will need to consider whether you want your children to act jointly (both must agree and be involved in each decision / action), or "jointly and severally", which means that one can act on their own if necessary / desired.

Or is it worth paying for peace of mind 

Best to pay for piece of mind, in my opinion.

 Been thinking over the points you and others raise

Currently we do not have wills or poa in place 

Should one of us die I'm assuming the surviving spouse would inherit everything 

We intend to use a Solicitor to set up a simple will for each of us 
Leaving everything to partner
If they have already died 
Everything to the adult children 

I'm not sure whether to set up a trust 
Or even the IPDI
Under an IPDI would both children in effect own the house should one partner die
Wouldn't that be really complicated 
What if they wanted to sell it 
Or it required extensive work 
Who would pay
What if surviving spouse wanted to move out of the home but needed to sell it to buy a new home 

Under the IPDI partner would have the right to remain in the house until they die unless they remarry or meet any other criteria set. The partner would be responsible for the upkeep. The children would not have access to their inheritance until partner dies/remarries. But the inheritance is there for them. The alternative, if no IPDI, is either partner has to sell now if you’ve left the value of your half to your children without an IPDI or if you’ve left it to your partner only there is no guarantee that your children will get anything at any point in the future. Yes, your partner might uphold any wishes for your children to receive anything on their death but there is nothing to ensure that at all. 

Both of us would leave everything to the surviving partner 
Hence no risk of children taking over half of the property should one spouse die

The children would inherit the property on the death of the surving spouse

We do not see any risk in our partners changing the will to deny the children their inheritance 

There is always the risk that the surviving partner remarries then dies or loses mental capacity before making a new will which would disinherit the children. The risk might be small but the consequences would be disastrous. 

If either my wife or I remarried after the death of the other we would ensure the will was amended at the same time as the marriage to ensure the children were not excluded from their inheritance 

Yes lots of people say that but they don’t all don’t end up doing so. I really can’t see why you are so reluctant to take sensible precautions to avoid a potencial disinheritance. 

Savvy_Sue

Keep_pedalling said:

DoneWorking said:
If either my wife or I remarried after the death of the other we would ensure the will was amended at the same time as the marriage to ensure the children were not excluded from their inheritance 

Yes lots of people say that but they don’t all don’t end up doing so. I really can’t see why you are so reluctant to take sensible precautions to avoid a potencial disinheritance. 

Indeed. It's unlikely to be one's first thought after the death of a spouse: "Oh, I must make an appointment to update my will this week." And even if the thought is there, it may take time to organise, and more pressing matters may scupper the process. You can't even be sure that, as the survivor, you will still have 'capacity' to make a will - and it's not uncommon for early signs of dementia to worsen if you're 'left behind'. 

DoneWorking

Savvy_Sue said:

Keep_pedalling said:

DoneWorking said:
If either my wife or I remarried after the death of the other we would ensure the will was amended at the same time as the marriage to ensure the children were not excluded from their inheritance 

Yes lots of people say that but they don’t all don’t end up doing so. I really can’t see why you are so reluctant to take sensible precautions to avoid a potencial disinheritance. 

Indeed. It's unlikely to be one's first thought after the death of a spouse: "Oh, I must make an appointment to update my will this week." And even if the thought is there, it may take time to organise, and more pressing matters may scupper the process. You can't even be sure that, as the survivor, you will still have 'capacity' to make a will - and it's not uncommon for early signs of dementia to worsen if you're 'left behind'. 

Why would the surviving spouse need to update their will immediately after the death of their spouse
Their will has left their estate to their children which is what they want.
Should their circumstances change then surely they could make amendments then.
If they lose capacity to act their LPOA would kick in