Leaving house to kids
Discussion
I would like it written into my will that my house (I am the sole owner) eventually passes to my children.
Simple you might say, however should my wife outlive me (she is NOT the mother of my children) I want her to be able to live in the house until she no longer has a need for it. How can I be sure that the children receive the house? Of course I could leave it to them directly, but then they might be able to force my wife to move out against her will. If I leave the house to my wife, how can I be sure that she'll in turn leave it to the children?
Must be a simple answer - anyone got any advice?
Simple you might say, however should my wife outlive me (she is NOT the mother of my children) I want her to be able to live in the house until she no longer has a need for it. How can I be sure that the children receive the house? Of course I could leave it to them directly, but then they might be able to force my wife to move out against her will. If I leave the house to my wife, how can I be sure that she'll in turn leave it to the children?
Must be a simple answer - anyone got any advice?
Assuming your children are adults, you leave your wife a life interest in your will with the title to the property passing to the kids subject to the life interest.
You may wish to consider whether your wife is otherwise appropriately supported after your death (ie life interest + some part of the residue of the estate or widows pension etc) as otherwise she may challenge receiving only a life interest on the basis she needed the whole property to sell it and support herself.
Any good solicitor should be able to incorporate into your will. Find someone local who is a member of STEP (society of trust and estate practitioners). If your kids are still minors then potentially rather more complicated.
You may wish to consider whether your wife is otherwise appropriately supported after your death (ie life interest + some part of the residue of the estate or widows pension etc) as otherwise she may challenge receiving only a life interest on the basis she needed the whole property to sell it and support herself.
Any good solicitor should be able to incorporate into your will. Find someone local who is a member of STEP (society of trust and estate practitioners). If your kids are still minors then potentially rather more complicated.
WelshChris said:
I would like it written into my will that my house (I am the sole owner) eventually passes to my children.
Simple you might say, however should my wife outlive me (she is NOT the mother of my children) I want her to be able to live in the house until she no longer has a need for it. How can I be sure that the children receive the house? Of course I could leave it to them directly, but then they might be able to force my wife to move out against her will.
You need to google for "Lifetime interest".Simple you might say, however should my wife outlive me (she is NOT the mother of my children) I want her to be able to live in the house until she no longer has a need for it. How can I be sure that the children receive the house? Of course I could leave it to them directly, but then they might be able to force my wife to move out against her will.
WelshChris said:
If I leave the house to my wife, how can I be sure that she'll in turn leave it to the children?
You can't. It'll be her house to do with as she wishes.WelshChris said:
Must be a simple answer - anyone got any advice?
There is no simple answer. What if you move house before you die? What if your kids become estranged, or die? What if you go bankrupt? What if you need to go into a care home for years? There is no guarantee that your kids will DEFINITELY own your house once you kick the bucket.Evening, me and Mrs400 have just done our wills.
She has 2 kids I have none bar a niece and nephew.
The house we live in we have put in the will that whoever is alive the longest is allowed to stay in it until they pass on.
However if who ever is still alive wants do sell and downsize they can but the left over moneys goes to the kids, so they will see all the moneys from the house one way or another.
My niece and nephew will see nothing from "our" house, but I co-own another house where I used to live with my brother and the same applies there, they will get my share, but cannot get my brother to leave, only down size and they get the moneys that are left over.
Im sure someone will be along to pull it to bits but that's what we decided on.
Our wills were £175 each, which I have no clue as to whether we ve been robbed or not.
She has 2 kids I have none bar a niece and nephew.
The house we live in we have put in the will that whoever is alive the longest is allowed to stay in it until they pass on.
However if who ever is still alive wants do sell and downsize they can but the left over moneys goes to the kids, so they will see all the moneys from the house one way or another.
My niece and nephew will see nothing from "our" house, but I co-own another house where I used to live with my brother and the same applies there, they will get my share, but cannot get my brother to leave, only down size and they get the moneys that are left over.
Im sure someone will be along to pull it to bits but that's what we decided on.
Our wills were £175 each, which I have no clue as to whether we ve been robbed or not.
Gassing Station | Finance | Top of Page | What's New | My Stuff