Hi all,
My husband and I are late 30s with 2 small children and are just about to have our first wills drawn up. We own a house with a mortgage.
I'm just wondering if the below scenario is feasible and how I arrange it (by tenants in common?). I want to give it some thought before seeing a solicitor.
I am proposing on my death that my super and life insurance funds are left to my husband to pay off the house, as well as him having all savings, cars etc.
But I want my 50% of the house to be split between my 2 children to be received on my husband's death. (If he sells the house does he need to give them their share then though?) Ideally they will get his 50% also, but if he remarries they will of course have to share.
I have witnessed 2 family members be scarcely provided for from their parents wills due to remarriage so I want to guarantee my share for my children.
My husband and I are late 30s with 2 small children and are just about to have our first wills drawn up. We own a house with a mortgage.
I'm just wondering if the below scenario is feasible and how I arrange it (by tenants in common?). I want to give it some thought before seeing a solicitor.
I am proposing on my death that my super and life insurance funds are left to my husband to pay off the house, as well as him having all savings, cars etc.
But I want my 50% of the house to be split between my 2 children to be received on my husband's death. (If he sells the house does he need to give them their share then though?) Ideally they will get his 50% also, but if he remarries they will of course have to share.
I have witnessed 2 family members be scarcely provided for from their parents wills due to remarriage so I want to guarantee my share for my children.