Discussion
I'm 66, divorced 20 years ago, no kids, not in a relationship that could be seen as "common law" spouse.
My estate currently around £600k.
I saw a solicitor last week, and have a draft will.
I plan to leave a couple of bequests to friends - collections of items that will be hard for the executors to sell.
After all bequests, taxes and expenses, the estate will be split into two equal shares:
One share will be equally divided between my surviving siblings (2 close to my age, and 2 20+ years younger) and my friend/lodger (she is 8 years younger than me). If any of those pre-decease me, their share will be split between the survivors.
The other share will be split equally between my surviving nephews and nieces - currently 14 of them.
I had a thought about my company pensions. They both have widow's benefits, which would be worth about £7k a year. Shame if that annual income were to die with me.
If I were to marry my friend/lodger, and have that marriage noted in the will if/when it happened, could I keep the rest of the will as is, leaving around 90% of my estate to the other beneficiaries?
Could my friend/lodger successfully contest the will on the grounds of inadequate provision?
Note that we are not in an intimate relationship, and never have been. The marriage would be purely for her financial security with the pensions. She has no savings, no property and no private pension. She pays half of the household bills as rent for her room, spends the rest of her salary on clothes and stuff.
My estate currently around £600k.
I saw a solicitor last week, and have a draft will.
I plan to leave a couple of bequests to friends - collections of items that will be hard for the executors to sell.
After all bequests, taxes and expenses, the estate will be split into two equal shares:
One share will be equally divided between my surviving siblings (2 close to my age, and 2 20+ years younger) and my friend/lodger (she is 8 years younger than me). If any of those pre-decease me, their share will be split between the survivors.
The other share will be split equally between my surviving nephews and nieces - currently 14 of them.
I had a thought about my company pensions. They both have widow's benefits, which would be worth about £7k a year. Shame if that annual income were to die with me.
If I were to marry my friend/lodger, and have that marriage noted in the will if/when it happened, could I keep the rest of the will as is, leaving around 90% of my estate to the other beneficiaries?
Could my friend/lodger successfully contest the will on the grounds of inadequate provision?
Note that we are not in an intimate relationship, and never have been. The marriage would be purely for her financial security with the pensions. She has no savings, no property and no private pension. She pays half of the household bills as rent for her room, spends the rest of her salary on clothes and stuff.
I was aware that an existing will becomes void upon marriage, and my solicitor also made it very clear when I asked what would happen if I got married at some point.
The meeting with the solicitor did get a bit confusing, as I wasn't sure at the time if decree absolute had been granted for my previous marriage. After a frantic search through a load of paperwork, I fortunately found the court letter granting decree absolute.
I don't think I made it clear to him that I was asking about the possibility of marrying my lodger, who would already be a beneficiary - I think he thought I was asking about marrying someone else.
Interesting that someone I'm not legally married to could possibly qualify for the "widow's pension".
The same company (Mercer) administers both of my company pensions, so I will phone them to ask if co-habiting counts, and if so, get the paperwork sorted.
The meeting with the solicitor did get a bit confusing, as I wasn't sure at the time if decree absolute had been granted for my previous marriage. After a frantic search through a load of paperwork, I fortunately found the court letter granting decree absolute.
I don't think I made it clear to him that I was asking about the possibility of marrying my lodger, who would already be a beneficiary - I think he thought I was asking about marrying someone else.
Interesting that someone I'm not legally married to could possibly qualify for the "widow's pension".
The same company (Mercer) administers both of my company pensions, so I will phone them to ask if co-habiting counts, and if so, get the paperwork sorted.
Yellow Lizud said:
It's not a lawyer you need to see, it's a shrink!
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.
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.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.
Hopefully I can get the pension thing sorted with her as a co-habitant. That will save a lot of potential hassle.
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.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
The idea of the lump sum is that it will pay her rent for another property for a few years.
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.Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff