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    • lifeofease
    • By lifeofease 10th Oct 18, 11:40 PM
    • 4Posts
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    lifeofease
    Will's advice
    • #1
    • 10th Oct 18, 11:40 PM
    Will's advice 10th Oct 18 at 11:40 PM
    My partner and I don't have wills. We have lived together for 15 years, we are not married, he has 2 daughters in their 30's from a previous marriage. We have a mortgage together and signed a declaration at the solicitors when we bought our house that if either of us die the other has possession of the house. I am wondering if either of us die what would happen to our assets/loans/possessions? Tia
Page 1
    • Keep pedalling
    • By Keep pedalling 11th Oct 18, 12:04 AM
    • 5,668 Posts
    • 6,457 Thanks
    Keep pedalling
    • #2
    • 11th Oct 18, 12:04 AM
    • #2
    • 11th Oct 18, 12:04 AM
    His would all go to his children, yours, assuming you don’t have children, to parents, siblings or long lost cousins

    People in your situation should always have wills drawn up, so please sort that out ASAP.
    • badmemory
    • By badmemory 11th Oct 18, 2:41 AM
    • 2,265 Posts
    • 3,287 Thanks
    badmemory
    • #3
    • 11th Oct 18, 2:41 AM
    • #3
    • 11th Oct 18, 2:41 AM
    You both need wills as Keep pedalling says. What about pensions? Joint loans will be the survivors problem money in single names will go to the NOK. Basically a double whammy. Why a declaration & not a joint tenancy, are you sure that is valid? Or is it actually a declaration that gives the survivor rights to the other half of the house for life & then it reverts?
    • Keep pedalling
    • By Keep pedalling 11th Oct 18, 9:34 AM
    • 5,668 Posts
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    Keep pedalling
    • #4
    • 11th Oct 18, 9:34 AM
    • #4
    • 11th Oct 18, 9:34 AM
    If you have joint assets that take you into IHT territory then you should also think about formalising your partnership.
    • lifeofease
    • By lifeofease 11th Oct 18, 8:59 PM
    • 4 Posts
    • 0 Thanks
    lifeofease
    • #5
    • 11th Oct 18, 8:59 PM
    • #5
    • 11th Oct 18, 8:59 PM
    Thank you both for your really useful replies,I will have to sort out Wills but don't really know where to start or where to go to get them done. Bad Memory - it is actually a joint tenancy, sorry I couldn't remember what it was called. Will this mean the house becomes mine and not his daughters even though they will be NOK. I would hate to end up in a situation where they owned half my house!
    Keep Pedalling - When you say 'formalise' do you mean marriage? If we were to get married would that change things? Thanks
    • Silvertabby
    • By Silvertabby 11th Oct 18, 9:41 PM
    • 3,507 Posts
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    Silvertabby
    • #6
    • 11th Oct 18, 9:41 PM
    • #6
    • 11th Oct 18, 9:41 PM
    Also check your occupational pensions, if you have them. Some will pay survivor's benefits to a co-habiting partner, some will only pay to a legally married spouse.
    • Keep pedalling
    • By Keep pedalling 11th Oct 18, 10:36 PM
    • 5,668 Posts
    • 6,457 Thanks
    Keep pedalling
    • #7
    • 11th Oct 18, 10:36 PM
    • #7
    • 11th Oct 18, 10:36 PM
    Thank you both for your really useful replies,I will have to sort out Wills but don't really know where to start or where to go to get them done. Bad Memory - it is actually a joint tenancy, sorry I couldn't remember what it was called. Will this mean the house becomes mine and not his daughters even though they will be NOK. I would hate to end up in a situation where they owned half my house!
    Keep Pedalling - When you say 'formalise' do you mean marriage? If we were to get married would that change things? Thanks
    Originally posted by lifeofease
    To sort your wills you need to make an appointment with a local solisitor. Do not use a will writing company or attempt to DIY it.

    Your situation is very common, but if you leave things the way they are and your partner dies first then his daughters staned to lose their inheritance. What most people would do here is to split the ownership as tenants in common which means each can leave their share to whoever they like. Rather than simply leaving a share directly it can be set up as a life trust for the survivor. If he dies he leaves his share to his children but you retain the right to live in the property until you die or give up the right to remain.

    Yes I did mean marry, or take up the option of civil partnership. If your assets, including your share of the house, exceed 325k then inheritance tax will need to be paid, which could force the sale of the house if other assets are not available to pay it. Anything left to a spouse or civil partner is exempt from IHT and your nil rate band is transferable to the surviving spouse / partner.
    • lifeofease
    • By lifeofease 12th Oct 18, 3:34 PM
    • 4 Posts
    • 0 Thanks
    lifeofease
    • #8
    • 12th Oct 18, 3:34 PM
    • #8
    • 12th Oct 18, 3:34 PM
    Keep Pedalling: Your situation is very common, but if you leave things the way they are and your partner dies first then his daughters staned to lose their inheritance.

    - I understand your concerns as an outsider looking in, however I would never leave his daughters without anything and would always make sure they had a fair shared in the future when I died. I was more concerned that if I die first and the house passes to my partner then my nieces would loose out and I am very close to them compared to my partners daughters who hardly ever speak to me but would end up having my share of the house,which incidentally I have put far more money into than my partner. So yes I need to sort it! Thank you for your help in thinking it through.
    • izoomzoom
    • By izoomzoom 12th Oct 18, 4:00 PM
    • 1,449 Posts
    • 2,010 Thanks
    izoomzoom
    • #9
    • 12th Oct 18, 4:00 PM
    • #9
    • 12th Oct 18, 4:00 PM
    Keep Pedalling: Your situation is very common, but if you leave things the way they are and your partner dies first then his daughters staned to lose their inheritance.

    - I understand your concerns as an outsider looking in, however I would never leave his daughters without anything and would always make sure they had a fair shared in the future when I died. I was more concerned that if I die first and the house passes to my partner then my nieces would loose out and I am very close to them compared to my partners daughters who hardly ever speak to me but would end up having my share of the house,which incidentally I have put far more money into than my partner. So yes I need to sort it! Thank you for your help in thinking it through.
    Originally posted by lifeofease
    Actually, on my step fathers dying bed, his daughters tried to get him to change his Will to leave everything to them. Took him to lawyers and all.

    But he died too soon, and although my Mother made a Will after his death, leaving the step daughters 50K, she wrote another Will about 6 years later, leaving them out completely.

    This hightlighted to me, the importance of leaving my estate to whome I want it to, not relying on my husband, so my children get my estate, although husband gets a life interest!
    LBM Nov 08 CC debt 6450.

    As at Jul 2010: 4280 (PO 2087, Barc 890, HSBC 1303)
    As at Jul 2011: 3180 (PO 300. Barc 2780)
    As at Dec 2012 4460 (PO 2600, Barc 1760, HSBC 100)
    • Keep pedalling
    • By Keep pedalling 12th Oct 18, 4:26 PM
    • 5,668 Posts
    • 6,457 Thanks
    Keep pedalling
    Keep Pedalling: Your situation is very common, but if you leave things the way they are and your partner dies first then his daughters staned to lose their inheritance.

    - I understand your concerns as an outsider looking in, however I would never leave his daughters without anything and would always make sure they had a fair shared in the future when I died. I was more concerned that if I die first and the house passes to my partner then my nieces would loose out and I am very close to them compared to my partners daughters who hardly ever speak to me but would end up having my share of the house,which incidentally I have put far more money into than my partner. So yes I need to sort it! Thank you for your help in thinking it through.
    Originally posted by lifeofease
    All this needs to be dealt with in your wills. Neither of you should rely on the other to do the right thing after you have gone. If you die first then your will should leave your half of the house to your nieces but with a life interest in place for your partner.

    Talk this through with a solicitor. They will make sure all the what if scenarios are dealt with. For instance if any of your beneficiaries die before you do.
    • p00hsticks
    • By p00hsticks 12th Oct 18, 6:51 PM
    • 6,534 Posts
    • 7,082 Thanks
    p00hsticks
    FYI, Will Aid 2018 is now taking bookings for next month

    https://www.willaid.org.uk/


    Local solicitors will draw up simple wills in return for a donation to charity
    • Kynthia
    • By Kynthia 12th Oct 18, 7:04 PM
    • 5,383 Posts
    • 7,527 Thanks
    Kynthia
    Keep Pedalling: Your situation is very common, but if you leave things the way they are and your partner dies first then his daughters staned to lose their inheritance.

    - I understand your concerns as an outsider looking in, however I would never leave his daughters without anything and would always make sure they had a fair shared in the future when I died. I was more concerned that if I die first and the house passes to my partner then my nieces would loose out and I am very close to them compared to my partners daughters who hardly ever speak to me but would end up having my share of the house,which incidentally I have put far more money into than my partner. So yes I need to sort it! Thank you for your help in thinking it through.
    Originally posted by lifeofease
    There are circumstances where you might not be allowed to give away some of your inheritence to them without consequences. If you're on benefits, in a care home, or even in a situation where it's apparent you could need to go into care in the future. If for some reason you are not able to make decisions yourself, someone with power of attorney for you would not be allowed to give away so much even if they know you would have wanted that. All this can be avoided with wills leaving what you want to who you want.
    Don't listen to me, I'm no expert!
    • YoungBlueEyes
    • By YoungBlueEyes 12th Oct 18, 7:48 PM
    • 487 Posts
    • 655 Thanks
    YoungBlueEyes
    OP don't put off doing your will because you think it's too hard, it really isn't. I made my first will earlier this year and it was very simple. This is how I did mine - I made a list of all my major assets (property, car, bank accounts, shares etc) and thought of who I'd like to have them when I go. Then I thought of a back-up person in case it doesn't go to plan and folk die in the wrong order ha haa! I made an appointment with my solicitor, took him my ideas, he pointed out a couple of things and rewrote in legal language. I went in to sign it when he'd done, I paid the bill (I think it was about 70...) then got my copy through the post a few days later. Nothing tricky at all

    Of course making a will isn't just about making sure your estate goes to the people you want it to, it's also about making sure the wrong people don't get it by default.....
    I don't make the same mistake twice. I like to make it 5 or 6 times, you know, just to be sure.

    Look before you leap. No I mean really look. And take a friend so they can look too. Then leap. Maybe.
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