How to make a fair will?

koalabear_3

I’ve been needing to write a will for many years but because my situation is complicated I just can’t think of a fair way to do it!

I am divorced with three children, grown up but they can’t afford to leave home! I have been with my new partner for 15 years, he has a property he rents as he lives with me. He has a grown up daughter by a previous marriage – she can be difficult, mainly due to the influence of ex wife hence they aren’t very close!

I own my property outright, presently worth approx 180k, I am also due to inherit another property worth about 125k from my father. I also have savings approx 25k.

he owes about 23k on his property, presently worth about 95k.

He would like to leave a % to his child in his will and the rest to me but he thinks I should make a will too ( I know he’s right). He has put a fair amount of work and cash into our home but not the mortgage as I had already paid it when he moved in - on the other hand I fought hard to keep this house so the children were not uprooted at the time of my divorce and obviously I want to leave them what I can.

How can I make my will fair to my children and my partner? I’m going round in circles with it!

TIA

Mrs_Thrify

Hiya, you say partner... so I asume no marrage certificate. In that case I would leave everything you own to your named children - he could do the
same with his daughter.

If you are married and everything was pooled together I would leave the whole estate to each other and then when you both die leave it equally to all 4 named children.

Best Wishes... Julie

eden37

One solution could be leaving the house to your children but with a stipulation that your partner can live there for the rest of his life. Perhaps he is scared that if anything was to happen he would have to leave the house you are living in now. Good luck but he is right that you need to make a will.

koalabear_3

Eden37 you've hit the nail on the head there about him not wanting to leave this house and it's something we've discussed.

UglyBetty

I would suggest that you each leave your respective houses to your own children. He benefits from living in your house as you benefit from him living in your house. However, the house is yours and as you say, you worked hard for it. Your father most likely worked hard for his house, and presumably would have expected his grandchildren to benefit from that. It is often more practical & simple to maintain the status quo and keep your financial affairs separate. As for allowing him to live in the house after you die, he has his own house. Think of what could happen if you die soon, the children live in the house, he wants another relationship...even if they get on well with him, if you are not around who will look out for them? If you die first, then he dies shortly afterwards your children will have to share their inheritance with his daughter.
Keep it simple. Let him bequeath his house to whoever he wants and you give your estate to your children.

Savvy_Sue

Bear in mind that you might want to do one will now, and change it when / if you inherit from your father. Nothing is certain with inheritances from other people!

floss2

My solution is to have life insurance policies that will pay out £100k to each of my 2 DS's, and our home will go to my DF, paying off the mortgage in the process. He will also get my employer's death in service benefit, to pay for my funeral & his party afterwards

koalabear_3

Floss 2, your solution could be the answer to my problems as I could leave some cash to my partner and leave my house and possible inheritance to the children. Its something I've not even considered.

As I have no mortgage or debts It would provide him a lump sum.

Do you mind me asking how much you pay for this protection? I know nothing about it. I will get some quotes though.

Oldernotwiser

Could you not see if your father could leave his house directly to your daughters? It sounds as though they'll need it before you die and it could avoid future IT. (Who knows what'll happen to house prices in the future?)