Making a will

[Yellow Lizud]

clockworks said:

Yellow Lizud said:

It's not a lawyer you need to see, it's a shrink!

Why?

My lodger may be a bit of a financial incompetent, .......................
................We keep each other stable. I'd hate to see her "out on the street" if I go first.

Have you ever considered that if you get married, it could you that's "out on the street" if it's her that goes (moves out) first?

If you wish to leave her some money that's fine, but just write it into your will.
Trying to be 'clever' financially could backfire massively.

[clockworks]

Yellow Lizud said:

Have you ever considered that if you get married, it could you that's "out on the street" if it's her that goes (moves out) first?

If you wish to leave her some money that's fine, but just write it into your will.
Trying to be 'clever' financially could backfire massively.

Good point.

Hopefully I can get the pension thing sorted with her as a co-habitant. That will save a lot of potential hassle.

[OutInTheShed]

Robertb said:

Speak to the trustees/admistrators of the pension scheme, or ask your IFA… it’s likely you can nominate someone to receive benefits when you die.

Or potentially get a higher pension when you are alive, because there is nobody to take the widow's pension.
I know someone who got this.

I think, if you want to avoid your wife inheriting everything, it can be done by putting your wealth into some sort of trust before you marry.
I can't think that I'd want to do that though, unless my wife had significant wealth of her own.

Potentially something which mostly benefits lawyers.

[Simpo Two]

Slow.Patrol said:

Rightly or wrongly we were told that our private pensions would go to the surviving partner despite us not being married. I believe that we had the opportunity ho name a beneficiary.

My understanding of a private pension is that you can assign the remaining fund to anyone you like, but it may depend on the provider. Ask them to be sure.

[Sir Bagalot]

You obviously care for your lodger an awful lot.

By your own admission she is financial incompetent so you may want to perhaps think about a will condition that she can continue to live in the house for a period of time after your death.

Just an idea and of course take legal advice

[TVRnutcase]

clockworks said:

Why? I'll be dead when the will comes into effect.

I don't have any kids, so I'm just planning to spread my estate around between the people that put up with me while I'm alive.

My lodger may be a bit of a financial incompetent, but she raised her kids right (both have very good jobs in The City), and she is the person that I lean on. We keep each other stable. I'd hate to see her "out on the street" if I go first.

My initial thoughts were a shrink maybe needed - however - you are right - you are dead, no good wherever you go. So - leave it to whoever you want, provided tyou are of sound mind....

[clockworks]

Sir Bagalot said:

You obviously care for your lodger an awful lot.

By your own admission she is financial incompetent so you may want to perhaps think about a will condition that she can continue to live in the house for a period of time after your death.

Just an idea and of course take legal advice

It's in the will that she can stay in the house until probate is granted and the house is sold.
The idea of the lump sum is that it will pay her rent for another property for a few years.

[LimmerickLad]

clockworks said:

Sir Bagalot said:

You obviously care for your lodger an awful lot.

By your own admission she is financial incompetent so you may want to perhaps think about a will condition that she can continue to live in the house for a period of time after your death.

Just an idea and of course take legal advice

It's in the will that she can stay in the house until probate is granted and the house is sold.
The idea of the lump sum is that it will pay her rent for another property for a few years.

I wonder if you can simply give her a legal tenancy and then the Execs would need to evict her once they have probate - which would take say 4 months and then another 6 months at least to follow all the proper legal processes to get her out?

[clockworks]

LimmerickLad said:

I wonder if you can simply give her a legal tenancy and then the Execs would need to evict her once they have probate - which would take say 4 months and then another 6 months at least to follow all the proper legal processes to get her out?

Possibly, but I also want my two much younger sisters to get their share without undue delay. They are both in rented, might still be young enough to get a mortgage if they had a decent deposit.

[Jeremy-75qq8]

You can make a will in contemplation of marriage. This cannot be open ended ( I might marry her one day ) but must be in the genuine intention to marry in the forceable future ( venue booked for example )

If you marry her she will gain rights as a dependent. There is legislation to cover situations where the man for example leaves his money to the dogs home and his wife destitute. Can't happen.

https://www.mylawyer.co.uk/family-and-dependants-l...

So bear in mind that she could post your death make an additional claim as a dependant ( she will be your wife so there is no argument she is a dependent ) that she has not been adequately provided for.

The people saying xyz is usual with a pension are speaking without knowledge of the details.

If it is a sipp then you can leave to who you wish. If a company scheme that says I will support your spouce that is what it is. So you need to look at the rules and ask the trustees.

Seems a lot of risk / hassle for a small pension and someone you are not romantically involved with and opens the spectre of divorce etc is she then finds someone she does want to marry. .

[Cotty]

Robertb said:

Speak to the trustees/admistrators of the pension scheme, or ask your IFA… it’s likely you can nominate someone to receive benefits when you die.

You have to do it yourself, your finacial adviser can't do that for you, thats what my IFA said.

The term the OP is looking for is "expression of wish". https://www.moneysavingexpert.com/savings/pension-...
If anyone has a pension they can contact their pension provider and complete and expression of wish form and leave the pension to who they nominate, you can even do percentages i.e. leave person A 75% and person B 25% and can do that for each pension, I have about 9 pensions so it was a pain in the bum.

[Jeremy-75qq8]

Only if the scheme allows. If you are on a final salary scheme the odds of them allowing benefits to anyone other than as detailed in the scheme are zero.

As per my earlier post you can't give advice not knowing the pension details

[Cotty]

Jeremy-75qq8 said:

Only if the scheme allows. If you are on a final salary scheme the odds of them allowing benefits to anyone other than as detailed in the scheme are zero.

My final salery pensions allowed me to complete an expression of wish form.

Jeremy-75qq8 said:

As per my earlier post you can't give advice not knowing the pension details

I wasn't giving advice based on the OPs pension details, I was giving him the right question to ask of the pension provider..

[clockworks]

I dug out the paperwork for the pension schemes. I could do an expression of wish form, but that was only for death in service benefits.
Obviously not applicable now.

I'll phone and ask them what counts as "spouse".