Advice on Will.

adorabubble

Hi everyone,

I would appreciate some advice on our situation;

My boyfriend and I have been living together for just over 3 years of our 7 year relationship in a house he owns (mortgaged with 5 years left to run) but which we both contribute our incomes to. We have a life insurance policy that will pay out to the mortage company should anything happen to either of us so we are quite clear about where we stand there.

My boyfriend has a will with a well known bank that charge him £50 every time he makes an adjustment which is in effect the same cost as a new will. I find this quite unreasonable. Is there a better way?

The main reason I am seeking advice is due to our situation.

My boyfriend has 2 teenage children from a precious marriage (they are divorced) who unfortunately are estranged from him and wish to be no part of his life at present (we have hope). Boyfriend is currently re-evaluating his estate (which is less than the £300,000 IHT bracket) and is looking to leave everything to me (with his children benefitting on my death) but would like to put in a clause that if I sell the house his children inherit 50% of the value which I agree with. I am disabled and this is most likely to be what happens as the property is unsuitable for me to occupy alone. Is this possible?

Also I, as yet, have not made a will and I am unsure as to whether I need to. I do not own property but have some savings and a few fairly valuable items that I would again like my boyfriend to have. However I do not wish any of my assets to go to his children as I would like my 3 sisters and their children to benefit from my death in the long run; ie once my boyfriend passes. What should I do?

We are re-evaluating the will(s) on completion of the mortgage and then intend to make mirror wills (I would have contributed 50% of the mortgage payments by this time and my boyfriend thinks it is fair to put me on the deeds then). In the mirror wills after each other we would like his children and any issues to get 50% and my sisters and any issues to get 50% but I am a little unsure as to how that works. If I go first and my share passes to my boyfriend, say he remarries and changes his will to accomodate his new family, on his death will my part of the estate still go to my sisters or will his new will overide the wishes in our mirrored wills?

There's so much I don't know about this sector of finance so any help you can give would be greatly appreciated.

CLAPTON

you need expert advice.

you need to clarify your wishes much more closely

for example if after his death, you have to sell the home to move but 50% isn't sufficient to buy a new property you would be in considerable trouble.

similarly if you leave your BG your possessions then he can give them to who ever he likes

if you make no will then everything you own goes to your relatives and nothing to him

you say you are changing the ownership of the house.. will that be joint tenants ( the serviving partner has ownership) or tenants in common (each can leave their share to whoever)?

if you make joint wills leaving everything to each other then both of you simply have to trust the other

Cook_County

I also see problems because his ex or children could (probably would) contest the Will.

Getting his Will drafted by a Bank is foolish because the Bank does not have legal knowledge and will have to appoint a solicitor to act in such circumstances so doublng costs after he has gone, in addition the executor's fees quoted by most banks are ridicuously high, I would suggest you jointly visit a local solicitor to help.