Handling property legacy for co-habitees

[Bob the builder]

My partner and I own our house jointly as tenants in common. This formality allows each of us to leave our share of the property to our (separate) children. However, we would like to ensure that the surviving partner can live in the house for as long as they want - for the rest of their life if desired - or that they can make full use of the equity in the house to purchase an alternative property, whilst retaining the right of the children of the first-to-die to take possession of that share ultimately. Is there any formal way of doing this via a will, or can it only be done informally via an expression of wishes, which presumably would have no legal force? Is there some means of achieving our objective by making the house the subject of a trust, with all the children (all adults now) as trustees?

Many thanks

Bob

[enquirer]

Re: Handling property legacy for co-habitees

This would certainly require formal documentation. Given the complexity of what you propose, you should seek professional advice.

[CleverClogs]

Re: Handling property legacy for co-habitees

This would certainly require formal documentation. Given the complexity of what you propose, you should seek professional advice.

I agree, but not because I perceive complexity in what should be a pair of relatively simple wills - 2 mirror wills, each leaving the other partner a life interest in the house.

A solicitor should have professional insurance in case he buggers it up.

[MissFM]

Re: Handling property legacy for co-habitees

Hi Bob

I would also suggest a life interest trust. Below is a link to just one of many descriptions of how it might work (google it, too).

From personal experience, I would suggest that you tell all the children your intentions, explain it to them thoroughly and appoint (a) non-professional executor(s) that you and they all trust (maybe a child from each brood?)

I would also suggest getting this drawn up by a solicitor expert in this area. You need to look at the tax implications too.

http://www.greenwoods.co.uk/knowledg...terest-trusts/

[Johnysam]

Re: Handling property legacy for co-habitees

This requires a proper formal documentation. I would advices you to take professional advice.