Protecting my family

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GSXRCarlos
GSXRCarlos Posts: 830 Forumite
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in Marriage, relationships & families
Hi everyone, we've recently had a baby so now it's time to protect our little family.

My partner and I are unmarried, living together in my house and i pay for all of the bills etc. I want to protect us all should the worst happen.

Please can you recommend what insurance, assurance and other things i now need to get sorted so my family doesn't suffer if something happens to me.

We're currently looking into a mirror will.

Ideally i'd like the following to happen:

If i die i want something to pay the house off and it then be transfered into our son's name but my partener remain in the property.

i also want some form of income for my partner if i die (albeit less of a requirement than above).

Are there products out there that will do both?

Thanks
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  • Primrose
    Primrose Posts: 10,621 Forumite
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    edited 8 June 2017 at 1:43PM
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    Yes, definitely make a will. Who will be the Executor? If a solicitor and the house has to be held in trust until your child becomes of age, legal fees could be expensive.
    Do you have a pension? Is your partner named as the beneficiary? or your child? If your partner has to stop working to look after your child when you were dead, how would she manage for income?
    Do you have a life insurance policy of which your partner will be the beneficiary?

    An insurance broker will probably be able to help you track down a suitable choice of products
  • Guest101
    Guest101 Posts: 15,764 Forumite
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    GSXRCarlos wrote: »
    Hi everyone, we've recently had a baby so now it's time to protect our little family.

    My partner and I are unmarried, living together in my house and i pay for all of the bills etc. I want to protect us all should the worst happen.

    Please can you recommend what insurance, assurance and other things i now need to get sorted so my family doesn't suffer if something happens to me.

    We're currently looking into a mirror will.

    Ideally i'd like the following to happen:

    If i die i want something to pay the house off and it then be transfered into our son's name but my partener remain in the property.

    i also want some form of income for my partner if i die (albeit less of a requirement than above).

    Are there products out there that will do both?

    Thanks

    Unless your son is 18, the property cannot be transferred to him.
  • Primrose
    Primrose Posts: 10,621 Forumite
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    And obviously make sure your Will inckudes any future children you may have. A good solicitor should do this automatically but there are ilways incompetent solicitors as in any other profession.
  • anna_1977
    anna_1977 Posts: 862 Forumite
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    Guest101 wrote: »
    Unless your son is 18, the property cannot be transferred to him.

    Can a trust fund beset up? I think my will stated that if my girls were under 21 years old then 4 trustees would be 'in charge' until everything transferred to them
  • lika_86
    lika_86 Posts: 1,772 Forumite
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    You say you want to protect 'us all' but it sounds like you aren't fussed about protecting your partner at all. Why not have the house transfer to your partner? You're potentially burdening your son with a house he may not want to live in but owns and can't really sell if your partner has a right to live there.
  • System
    System Posts: 178,094 Community Admin
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    Would getting married be an option? It doesn't have to be an expensive wedding.
  • GSXRCarlos
    GSXRCarlos Posts: 830 Forumite
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    Guest101 wrote: »
    Unless your son is 18, the property cannot be transferred to him.

    Are you sure? i thought it could be held in trust?
  • GSXRCarlos
    GSXRCarlos Posts: 830 Forumite
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    avogadro wrote: »
    Would getting married be an option? It doesn't have to be an expensive wedding.

    We're talking about marriage, but it's not on the cards yet.

    I want to set something up fairly quickly if i can
  • Malthusian
    Malthusian Posts: 10,941 Forumite
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    You can leave property to your son but if he is under 18 at the time he inherits, it is held in trust until he is 18.

    You can also leave a life interest to the partner. But it would be quite unusual to do so at this stage of life. Your son would inherit an asset that he had no control over and it could cause issues between him and his mother, given that he might want her to get out so he can get his money and she won't want to go anywhere as without the life interest she has nowhere to live. Most people would leave the property to the partner.

    If you want to go down this route you need to speak to a STEP qualified solicitor. And as mentioned you also need to speak to an insurance broker or IFA about protection.
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    GSXRCarlos wrote: »
    If i die i want something to pay the house off and it then be transfered into our son's name but my partner remain in the property.

    Until when?

    For life? Until she gets another partner? Until your son reaches 18?
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