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Joshua
Joshua, Lawyer
Category: Family Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I want advice about protecting my assets, ie I am a property

Resolved Question:

I want advice about protecting my assets, ie I am a property owner, (morgage free) and also have two dependent children. I also have work and private pensions. My will states every thing is to go to my children. I am looking to get married to a person with no dependent children, but he does have grown up children, he currently has a morgage and limited pension. I would like to know how I can protect my assets for my future and pass them to my children
Submitted: 2 years ago.
Category: Family Law
Expert:  Joshua replied 2 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I be so rude as to ask your current age please?

Customer:

47 my partner is 56

Joshua :

Thanks

Joshua :

you are rather young to be looking at the possibility of trusts for your children's future inheritance as trusts, whilst very flexible and useful, to limit and restrict your direct control of your property which can be acceptable as one gets older but can prove frustrating and unacceptable at your age.

Joshua :

Accordingly, you would like to wish to look at potentially putting in place a prenuptial agreement between you and your future spouse. prenuptial agreements have been confirmed to be valid in English law providing they are entered into properly through a solicitor and accordingly, can be effective in terms of protecting your assets against claims by your future spouse should your relationship breakdown for example

Joshua :

in addition, to complement a prenuptial agreement, it would be necessary to ensure your will is updated. A will is automatically revoked upon marriage unless you specify within the will that the will is made in contemplation of your marriage to [name]. accordingly, where you to get married, any will you may have made would be invalid upon marriage and were you to pass away without having made a new will, your spouse would be entitled to the first £250,000 of your assets under the rules of intestacy. Accordingly, you may wish to consider making a new will in contemplation of your marriage which provides perhaps for a life interest for your spouse and then for those assets to pass to your children or indeed for assets to pass directly to your children leaving little or nothing for your spouse as you prefer

Joshua :

a life interest trust can be a useful device in your will. This provides that a named person, presumably here your spouse has a right to save live in the property or benefit from income from capital that you may specify but after a period, whether it is their life or a specified number of years, those assets that you specify to be placed into life trust passed to named individuals, presumably here these would be your children. Life trusts can therefore be way of providing for a spouse however ensuring the ultimate destination of capital assets

Joshua :

is there anything above I can clarify for you?

Joshua :

Does the above answer all your questions or is there anything I can clarify or help with any further?

Customer:

I would like clarification of my pension and assets I hold. My partner will retire before me and has not made proper provision. If my partner required long term care would my assets including my property and pensions be taken into account and would I be expected to financially support him. Would his chlidren have any claim on my assets

Joshua :

No. your assets cannot be taken into account for means testing purposes by the local authority whether third parties in respect of care provision for your future spouse.

Joshua :

this would be the case regardless of whether you put in place a prenuptial agreement or any other provisions. The local authority is only able to take into account assets which are owned by your partner or potentially half the value of any jointly owned assets owned jointly by your partner though there are some obligated rules involved for valuing jointly owned assets. if you do not plan to jointly own any assets, this would not be relevant.

Joshua :

additionally, your partner's children would have no claim upon your assets following your partners passing.

Joshua :

Is there anything else I can help you with?

Customer:

joint assets, so if we bought a house together would it be better to have it in my name if in joint names would the local authority be able to take half the value of the house into account.

Joshua :

if you were to buy a house jointly together, then there would be a presumption of 50-50 ownership unless you prepare an agreement with each other that provides otherwise. from your point of view, it would of course be beneficial to have the property in your sole name because the presumption would be that you then are entitled to and own the entire property, but from your partner's point of view, this would not be good at all because he would be contributing towards property which he has no financial interest in because it was in your name.

If the property was to be in joint names with a 50-50 or otherwise, the local authority would only have a claim against that part of the equity owned by your partner. However, if you both lived in the property as your main home, the rules prevent the local authority from taking partners share of the property into account as they cannot take into account the value of a property owned by your partner if a spouse is living in the same.

Joshua :

Is there anything else I can clarify for you?

Customer:

sorry last question, on buying a joint propery my initial investment would be at least three times larger than my partner so I would want to protect my intial investment not have a 50 50 split

Joshua :

if you buy a property jointly, unless you provide evidence to the contrary, there is a starting presumption of 50-50 ownership. Accordingly, if you would be contributing a greater share of the equity, it would be important that you ensure that prior to completion of your purchase, you and your partner entered into a simple form of declaration of trust. This is essentially a simple agreement by deed as to what shares each of you own in the property and such agreement would be binding in the event of any future dispute and would be conclusive evidence in respect of any claims by third parties in respect of your partner's share. A solicitor can prepare such a trust agreement for you for a fairly nominal sum of money at the same time as your purchase

Joshua :

I hope that is helpful

Joshua, Lawyer
Category: Family Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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