Leonard osbourne
Striker
LPA wouldn't cover the money needed to go in a home surely.
No, but putting it into a trust does....
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LPA wouldn't cover the money needed to go in a home surely.
No, but putting it into a trust does....
You 100% need a will.Not married
If you have substantial wealth and your spouse remarries after your death then the new spouse would be sole beneficiary of her estate even if you have kids.
I would have thought that a husband and wife would have joint tenancy as a default and it would not be necessary to make a will as all assets would transfer to the surviving spouse?
I'm not certain though.
This, otherwise you'll end up giving everything you own to any surviving parents, siblings etc etc.You 100% need a will.
Learnt something. It must be an absolute financial minefield. Nothing causes as much grief as inheritance when it goes wrong. People become very self centred when there is a few hundred grand on the line.If the kids are also hers then they would inherit half of everything above ÂŁ270k, unless she had a will leaving everything to her new spouse.
It's especially important with blended families to have a will.
If you mean for a house they both own. If it's owned as joint tenants then it'll pass to the other joint tenant outside of the will under the doctorine of survivorship.
Yep, it's amazing how disgustingly people can act when there's a bit money on the line.Learnt something. It must be an absolute financial minefield. Nothing causes as much grief as inheritance when it goes wrong. People become very self centred when there is a few hundred grand on the line.
I thought when buying a house both unmarried and married couples have a choice as to whether to register the title as joint tenants or tenants in common. Under a joint tenancy the couple jointly own the property whilst under a tenancy in common each own a specified share. If a married couple owned a house under joint tenancy then ownership would be transferred to the surviving spouse. I thought that under right of survivorship, joint tenancy supersedes the terms of your spouse's will?
I admin though, this is not my forte.
Yep, it's amazing how disgustingly people can act when there's a bit money on the line.
You would hope so but reading up on it doesn't look clear cut.No, but putting it into a trust does....
If you don't have a beneficial interest in something, you can't realistically sell it to pay for care.You would hope so but reading up on it doesn't look clear cut.
Rightly or wrongly I reckon if they stopped you paying for care fees everyone would have one and if they did stop you paying care fees the govt would sharp stop them
It varies from person to person, which is why you should probably get a professional if you're doing a will that involves setting up trusts.You would hope so but reading up on it doesn't look clear cut.
Rightly or wrongly I reckon if they stopped you paying for care fees everyone would have one and if they did stop you paying care fees the govt would sharp stop them
It varies from person to person, which is why you should probably get a professional if you're doing a will that involves setting up trusts.
Same. Both married before, both with kids (although all adults now), properties involved, etc. Made it much easier to get things clear.We got ours done professionally, it cost quite a bit, but we think it was worth it....
Is the correct answer.No, but putting it into a trust does....