Wife sadly passed, so now I think I should sort my will.

[wbp]

My wife sadly passed away recently unexpectedly, we didn't need probate as we were joint tenants so her half of the house has automatically passed to me, and I have sent the death certificate off with form DJP. So now as I have 3 children and am in poor health myself. I thought it is prudent that I pre pay my funeral and sort out my will. But this is where I don't know where to go, my youngest child has lived with both me and my wife for the last 25 years, he has looked after us in this time. However, he is married and I am unsure if the marriage will last.

If possible I want the house to stay in the family, but I know I can not add that he can not sell it and it must remain in the family as if I left him the house he would be the new owner, so then I was thinking of leaving him 51%, of the house and my other two children 24.5% each with the stipulation that he has a Lifetime right of occupation, with the termination clause if he permanently vacates the property the right shall end. I was thinking of the right of occupation, in case he ever separated, got into debt etc, or if any of my other two children got into debt or separated themselves. Then he would still have a home due to the right of occupation, does this seem viable and right, or risk leaving him the full house and my other two children the rest of my estate.

[atticus]

The best thing that you can do is to consult a solicitor with whom you can discuss the full position and who can then give you advice and draft your will accordingly. This will also minimise the chances of there being a problem with the will that makes it invalid.

[Frank1]

I'm very sorry to read about your sad loss.
The terms of a lifetime tust should be drafted correctly first time so my advice is to use the service of a solicitor that specialises in drafting trusts.
You should consider:
whether the lifetime interest applies to your son and his wife or just your son
what happens to the property if your son (or his surviving wife) moves or dies whilst still living at the house
if the house is sold how the proceeds of the sale are distributed
who is responsible for maintenance of the property and associated costs

There is nothing wrong with a 50/25/25 split

[Tofros]

It might be worth asking your other children if they are bothered about keeping the house in the family as such, because if the right of occupation ended chances are the house would be sold at that point and your youngest sons residual share would still be subject to any debts or divorce claims. A life interest is an IPDI which has significant inheritance tax implications when it ends (on death or earlier). Consider aand take advice on leaving the house solely to him but subject to a legal charge for half the value index linked, in favour of the older two as an alternative structure.

[Frank1]

There is no straightforward solution.
An IPDI trust with the property going into the trust would reduce IHT on your estate but if your son lives at the property until he dies, 100% of the property value will be included in his estate for IHT. If he doesn't have children the beneficiary of his estate may not be concerned about the amount of IHT.

If your youngest son outlives his older brothers they may never benefit from their 25%. The elder brothers may or may not have children. You will need to decide what would happen to their share if either or both of them are childless.