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Leaving the house 3 ways between wife and 2 teenage children
The house is my sole name. Want to make a will and leave the house when I die three ways. in order to safguard childrens (18 and 21) future. The house is worth at present about £350K and about 30K savings What are the pitfalls involved in creating this kind of will. Any advise would be appreciated
Or I could leave the house in wife's name in the will and trust(hopefully) that when children need funds in the future that she would oblige by downgrading
thanks
Or I could leave the house in wife's name in the will and trust(hopefully) that when children need funds in the future that she would oblige by downgrading
thanks
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No best answer has yet been selected by ramesh046. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The pitfalls of leaving the house three ways is that on your death, your children would be entitled to ask for an order for sale so they can have their money then. Will your wife be able to rehouse herself for that? In any event, if you left it three ways, I suspect that your wife could and may bring a claim under the Inheritance (Provision for Family and Dependants) Act 1975.
You could leave the house to your wife for life and on her death between the children. The children will then have to wait for her death before they get their money. This way though it is protected if, for instance, your wife were to remarry.
I'd get some decent advice if I were you.
You could leave the house to your wife for life and on her death between the children. The children will then have to wait for her death before they get their money. This way though it is protected if, for instance, your wife were to remarry.
I'd get some decent advice if I were you.
Unfortunately, that is incorrect angler. If the OP left it all to the cat's home and the wife did not make a claim under the Inheritance Act she could be forced out. If he left it split three ways, she would only have one third of the property, if the children got together and said they wanted it sold, the court will listen to the majority.
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Leaving a house between 3 or even 2 people is a recipe for endless disputes over maintenance, who lives there, on what terms, whether to sell. Added to which there are taxation problems, whether IHT or CGT or conceivably both
Think again. Best leave it to your wife and let her have sole say in what to do with it.
Think again. Best leave it to your wife and let her have sole say in what to do with it.
Grateful for these many good replies. I had a brief chat with a solictor over the phone(5min) His initial advice was similar to DZUG and BARMAID.
3 ways will is filled with potential pitfalls. However, My main intention is to cater for the children when they need cash(for deposit etc). But if my wife does not downgrade to cheaper property or does not or finds it difficult to get cash for the deposit, then the only way children will benefit is on her death. How about if my wife wants to sell the house in the future and the children are already settled in their new future, can the proceeds of the property be divided into 3 share, (Rather than her giving away money to her OWN family abroad
Please note that I am not a bad person . Its just that I dont want to end up with my children not benefitting much on the sale instaed of some other family
3 ways will is filled with potential pitfalls. However, My main intention is to cater for the children when they need cash(for deposit etc). But if my wife does not downgrade to cheaper property or does not or finds it difficult to get cash for the deposit, then the only way children will benefit is on her death. How about if my wife wants to sell the house in the future and the children are already settled in their new future, can the proceeds of the property be divided into 3 share, (Rather than her giving away money to her OWN family abroad
Please note that I am not a bad person . Its just that I dont want to end up with my children not benefitting much on the sale instaed of some other family
I can see where you are coming from ramesh, you want your own children to benefit rather than your wife's family somewhere else, if and when the house is sold. I am no legal expert but surely there would be some way to identify this in your Will.
Surely if your wife sells in the future, she would need all (if not most) of the proceeds to buy a new house though? A third wouldn't leave her enough to buy a house in many parts of the country.
Surely if your wife sells in the future, she would need all (if not most) of the proceeds to buy a new house though? A third wouldn't leave her enough to buy a house in many parts of the country.
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