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 Topic: Making a Will
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18/5/2017 at 2:24pm
Location: Blackburn
Outfit: VWT6 campervan
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Quote: Originally posted by mzzy on 15/5/2017
I'm not keen on changing the mortgage to separate halves.
The problem we have is if one of us dies, the other owns the house. But step children don't inherit.
So if I died, my 2 children from my first marriage wouldn't automatically inherit from my husband.
The initial deposit on our house, over 1/3 of the value, was from my property, so I definitely want them to get something.
It's just so complicated when you have 2nd marriages and step children x
Post last edited on 15/05/2017 10:17:00
So in your will, with the property trust you allocate percentages or parts of the property value to each child. We had it arranged that my husband's 2 lads get a third share each of his half of the house...Phoebe (our joint child) gets a third of his half and all of my half. It sounds a bit petty really, but it does protect them. Now my husband has died, there is nothing I can do to change that property trust, so the boys know that even if I marry again, they still get their share of their Dad's half. It's simple really.
The problem I now have is that my husband had considerable life insurances and pensions, so there is quite a bit of money, but they don't have the same entitlement to that, as it isn't part of their dad's estate, it's money that is for me to use to live the rest of my life...if my husband hadn't died, we wouldn't have had that money. I have also just taken out a new life insurance policy which is held in trust for Phoebe...one of the lads had a moan about that, but the money is for her to live on if I die before she's 18 and self sufficient.
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