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New marriage, where does that leave my family?
Emma37
Posts: 411 Forumite
I'd really appreciate any advice on this. I'm in my fifties and next year will be remarrying. We both have a very small house each, and I'd like us to sell our own house and buy a bigger house together. The problem on my mind at the moment is this, the house is the only asset I have and the only thing I have to leave to my two daughters. If I were to die before him, the value of the new house would eventually go to my husband's family leaving nothing at all for my daughters. This worries me a lot. Is there anything I can do to protect their interests?
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If you own the new house as Tenants in Common, not Joint Tenants, you both can leave your share to whoever you choose which means you can leave your share to your daughters but you need to make it very clear whether the house is to be sold on your death, or if your husband can continue to live in it until he dies..................
....I'm smiling because I have no idea what's going on ...:)0 -
My parents house was Tenants in Common. When my Mum passed away her half of the house passed to my sister and I. My Dad was very worried that we would throw him out (I think it was the shock of being Widowed). We would never do that. Although he has threatened to send us half of his bills :-)0
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Sorry to shout but - MAKE A WILL! Without one it won't matter whether it's joint ownership or tenants in common.
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Dont' forget, though, that a will become invalid on marriage unless it's made in contemplation of a forthcoming marriage. So get it done by a solicitor, and explain that you are marrying....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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We are very lucky because neither of us now have a mortgage (yes we did pay one for 25 years) So we do not wish to "sell" his home and if we are to squabble it would happen anyway when the whole house passes to us.
My Parents both made will out , my Mum was in a Nursing home and my father was worried about being made home less.If he had died first my Mums fees would be paid from her share of the house.
He had limited help with his fees anyway.
Also think TIC helps towards IHT.0 -
Sorry to shout but - MAKE A WILL! Without one it won't matter whether it's joint ownership or tenants in common.
My Solicitors pack came today for arranging the purchase of new house. It says categorically that if you are joint owners and one dies the co-owner of the property will automatically own the whole house.
You need to be tennants in common to be able to delclare who will receive your share of the property upon death.
Obviously a will is an absolute must, but the info in my pack seems to contradict the advice given above...I'm no expert though....guess the only thing to do is discuss with your solicitor when you buy your new house.
Best of luck with the house and marriage!
JoJoYou're my wife now Dave.......0 -
"MAKE A WILL! Without one it won't matter whether it's joint ownership or tenants in common."
Oh yes it will. Because the type of tenancy you have determines what property you have that comes to be distributed on your death. If it's a joint tenancy, then your share of the property will not come under your will or go to your administrator on intestacy.
It's best to have the shares in the property in writing and a tenancy in common. It's also best to have a will. But it's poor and ill advised advice to suggest that without a will your decision about how to hold your property during your lifetimes will be ignored.Mortgage started on 22.5.09 : £129,600Overpayments to date: £3000June grocery challenge: 400/6000 -
Could one of you lot please 'ave a word with my Dad? Cos at this rate, none of us are going to see a penny of my Grandad's tea Fortune
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margaretclare wrote: »What's the problem with your Dad? Please clarify a little bit!
HMRC has rules of intestacy which are clearly set out. Spouse, sons and daughters, then grandchildren...if there is NO heir, then the whole estate goes to the Crown.
/quote]
There are others who would get it before the Crown, such as parents, siblings, nephews, etc....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »margaretclare wrote: »What's the problem with your Dad? Please clarify a little bit!
HMRC has rules of intestacy which are clearly set out. Spouse, sons and daughters, then grandchildren...if there is NO heir, then the whole estate goes to the Crown.
There are others who would get it before the Crown, such as parents, siblings, nephews, etc.
That would be the heirs then .......0
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