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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My partner moved in with me at my marital home 5 years ago.

Customer Question

My partner moved in with me at my marital home 5 years ago. We each have 2 children and they are very different. Mine are financially secure (as much as they can be in their late 30s in an insecure world) and his are always poor with no assets whatever and one with an estranged wife and child.
My house is worth substantailly more than that of my partner and it is my main asset. He currently rents out his home to contribute here.

We are in our 60s and would like to make things fair for all of us in the event of our deaths.
Should I die first, He could not manage my house alone. It would have to be sold and will take some time to sell, requiring maintenance in the interim period.
Should he die first, his house could be easliy sold but I would find it difficult to remain here without the contribution made by the rental income.

Each of us would like to leave our partner in a comfortable position but we would also like our assets to pass to our own children (mine after a share going to him if he survives me).

What should we do to ensure a fair result for all.
Submitted: 4 years ago.
Category: Law
Expert:  Fran-mod replied 4 years ago.
Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 4 years ago.

Hello


Thank you for your efforts on my behalf.


The right answer is more important than the time frame.


You should know, however, that I cancelled my membership after the trial period so if this isn't feasible in the next few days, please don't worry.


Regards


Nadine

Expert:  Fran-mod replied 4 years ago.
Hello Nadine,

Thank you for your continued patience. We will continue the search for a professional for you.
Expert:  Clare replied 4 years ago.
Hi
For clarity what kind of advice are you looking for - legal or financial?
Claire
Customer: replied 4 years ago.

Hello


Sorry to be so long. I guess it's a combination of both.


Is that possible?


Nadine

Expert:  Clare replied 4 years ago.
Hi
Do either of you have any assets that the houses?
Claire
Customer: replied 4 years ago.

Hi


Do you mean except the houses? If so, my partner has money

Expert:  Clare replied 4 years ago.
Hi
Sorry - yes that is what I mean - what savings does he have?
Claire
Customer: replied 4 years ago.

Hi Claire


About £100k - still doesn't match up to even half of my house value.


Does this help?


N

Expert:  Clare replied 4 years ago.
Hi
What are the two house values?
Claire
Customer: replied 4 years ago.

I'm sorry Claire but this is too much information which I don't think is entirely relevant to my question.


Thank you for your interest and I think I'll work it out myself.


Regards


Nadine

Expert:  Clare replied 4 years ago.
Hi
The reason I asked is simply to try and gauge your options
I understand that the two properties are not of equal value - but am not sure whether his savings equalise the position or still leave a significant imbalance
There are various ways that this can be dealt with - one of the more popular ones is to simple give the properties to the children but give the surviving spouse the right to live in the property (or receive the rents from it) whilst the surviving spouse is alive
Claire