Wills/Inheritance etc
Discussion
I'm going to consult a solicitor later in the week - but was just after a bit of advice from any legal eagles so I know what questions to ask.
The situation is this:
I am married (~10 years) and we have no kids of our own. My wife had a daughter when I met her and we now have a grandchild with a second on the way. My wife is 11 years older than me.
Pretty much all of our main assets (house, cars, contents some shares etc) are joint owned - although my wife did come into the relationship (20 years ago) with a bit more than I did (~£30k more). I have a couple of pensions in my name as does my wife. We also have a small amount in shares and premium bonds in sole names. Neither of have a will currently - but my wife has made it clear that she wants 'her share' of things to go to our step daughter/grandchildren.
I have family, but nobody I intend to leave anything of significance to - so it is my intention to also leave what I own to our grandchildren also.
During a few recent arguments - my wife has brought up the fact that all of our assets are joint owned and she has essentially stated that she doesn't trust that I would see that our stepdaughter/grandchildren get what is owed to them in the event that she dies before me. She has said that even if we make wills stating that things would transfer to our step daughter/grandchildren when I die - there is nothing to stop me changing mine after her death then essentially absconding with all of the money.
As you can imagine - that's a pretty s
tty black cloud for me to live under.
Is there any way we can guarantee at least 'her share' (i.e. can she put her assets in trust in her will) - or is there any way I can sign assets over to her sole name in order to demonstrate that wont be the case or even put my assets in trust (something irrevocable) for the grandchildren now.
Personally I don't give a monkeys how it works as long as I don't have to live with that black cloud over my integrity. If we end up splitting up before it ever comes to that - i'm happy to leave it to her conscience not to screw me over.
The situation is this:
I am married (~10 years) and we have no kids of our own. My wife had a daughter when I met her and we now have a grandchild with a second on the way. My wife is 11 years older than me.
Pretty much all of our main assets (house, cars, contents some shares etc) are joint owned - although my wife did come into the relationship (20 years ago) with a bit more than I did (~£30k more). I have a couple of pensions in my name as does my wife. We also have a small amount in shares and premium bonds in sole names. Neither of have a will currently - but my wife has made it clear that she wants 'her share' of things to go to our step daughter/grandchildren.
I have family, but nobody I intend to leave anything of significance to - so it is my intention to also leave what I own to our grandchildren also.
During a few recent arguments - my wife has brought up the fact that all of our assets are joint owned and she has essentially stated that she doesn't trust that I would see that our stepdaughter/grandchildren get what is owed to them in the event that she dies before me. She has said that even if we make wills stating that things would transfer to our step daughter/grandchildren when I die - there is nothing to stop me changing mine after her death then essentially absconding with all of the money.
As you can imagine - that's a pretty s
tty black cloud for me to live under.Is there any way we can guarantee at least 'her share' (i.e. can she put her assets in trust in her will) - or is there any way I can sign assets over to her sole name in order to demonstrate that wont be the case or even put my assets in trust (something irrevocable) for the grandchildren now.
Personally I don't give a monkeys how it works as long as I don't have to live with that black cloud over my integrity. If we end up splitting up before it ever comes to that - i'm happy to leave it to her conscience not to screw me over.
Edited by Moonhawk on Sunday 30th October 17:59
Moonhawk said:
she has essentially stated that she doesn't trust that I would see that our stepdaughter/grandchildren get what is owed to them in the event that she dies before me. She has said that even if we make wills stating that things would transfer to our step daughter/grandchildren when I die - there is nothing to stop me changing mine after her death then essentially absconding with all of the money.
Her Will would still have to be executed so you could only 'abscond' with your half. What you do after her death is none of her business.You can create a trust where by if your wife dies, the share of the trust goes to the children or grand children.
However as this would include the house, the trust can state that it is yours to belong in and only transfers to the children/grand children once you have also died.
A lot of standard lawyers would be able to sort this out for you.
However as this would include the house, the trust can state that it is yours to belong in and only transfers to the children/grand children once you have also died.
A lot of standard lawyers would be able to sort this out for you.
Dave350 said:
You can create a trust where by if your wife dies, the share of the trust goes to the children or grand children.
However as this would include the house, the trust can state that it is yours to belong in and only transfers to the children/grand children once you have also died.
A lot of standard lawyers would be able to sort this out for you.
That would sort out her side of things - but what about mine. Can I do the same but make it irrevocable?However as this would include the house, the trust can state that it is yours to belong in and only transfers to the children/grand children once you have also died.
A lot of standard lawyers would be able to sort this out for you.
Moonhawk said:
Personally I don't give a monkeys how it works as long as I don't have to live with that black cloud over my integrity. If we end up splitting up before it ever comes to that - i'm happy to leave it to her conscience not to screw me over.
I suppose the black cloud will always been there now her opinion of you is out in the open however this should be easily sorted by a half decent solicitor.desolate said:
Moonhawk said:
Personally I don't give a monkeys how it works as long as I don't have to live with that black cloud over my integrity. If we end up splitting up before it ever comes to that - i'm happy to leave it to her conscience not to screw me over.
I suppose the black cloud will always been there now her opinion of you is out in the open however this should be easily sorted by a half decent solicitor.
Moonhawk said:
That would sort out her side of things - but what about mine. Can I do the same but make it irrevocable?
I thought she wanted her side of things sorted - isn't that enough? Are you wanting to irrevocably gift your share to her daughter and children?Who knows what the future might hold? One or both of you might need expensive nursing home costs to pay in the future - better to have money set aside than rely on the local authority to provide a very basic level of care. Your wife might die, or you divorce, and you remarry a younger woman and have your own children together.
Solicitor will sort so long as you are clear what you want. My only advice would be to be careful. My wife grans 2nd husband died and left everything in his will to the grandkids (i.e. Us), but it left grandma with virtually not a bean. We all revoked the will and gave it her all back. It was ridiculous. What I'm saying is, make sure that whatever you do, if your wife dies first you are not left destitute ........
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