How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask MarianC Your Own Question
MarianC
MarianC,
Category: Family Law
Satisfied Customers: 1021
Experience:  Expert
109551472
Type Your Family Law Question Here...
MarianC is online now

I am about to buy a house with my partner. My partner is 19

This answer was rated:

I am about to buy a house with my partner. My partner is 19 years younger than me, I am 73. I have 6 children by previous relationships and, whilst I trust my partner to pass on my share of the house we are buying jointly to my children (in the event I die before her), I am concerned that, if she marries and dies before her husband, they may not benefit from my inheritance. I am reluctant to buy the house as tenants in common as it gives the impression I don’t trust her. Can you suggest an alternative?

Good evening, you must buy the house as tenants in common, or directly in her and your childrens' names. If you tell her you want tenants in common then she should appreciate your concerns, does she also have children?

Kind regards

Marian

Customer: replied 9 days ago.
No she doesn’t. I’ve tried to have the conversation but she feels this solution displays a lack of trust. I can understand how she feels and hoped there might be a better way to do this
Customer: replied 9 days ago.
Would prefer to do this by text

You need to explain that it is not a lack of trust, it is ensuring that your family assets stay in the family for her and the children.

Good morning, do you need further assistance?

Customer: replied 8 days ago.
Can you confirm that if we signed up as tenants in common we would have to pay inheritance tax if either of us died. Would this change, if we decided to have a civil partnership?

Civil partnerships are for same sex couples. Inheritance tax depends on the overall value of your assets, so even as joint tenants half the value would be taken into account, the same as half the value as tenants in common.

Customer: replied 8 days ago.
Civil partnerships are not just for same sex couples

No, but they were created for same sex marriages.

Customer: replied 8 days ago.
I'm aware of what it was created for but your answer doesn't deal with my question.

I'm sorry, so if you become civil partners anything you leave to each other is exempt from Inheritance Tax.

Customer: replied 8 days ago.
Thanks. In the event one of us dies before the other, we would both want the surviving partner to continue to live in the house until they die. So what would be the best way to ensure, in law, that the proceeds from the sale of the house would be distributed according to both of our wishes?

You would need to be tenant in common. On the death of the first to die their share would go directly to their chosen beneficiaries with the surviving partner having the right to occupy the other half for life. This is a life interest trust, but it won't work if you are joint tenants as the ownership falls to the surviving joint owner entirely.

Customer: replied 8 days ago.
When you say "this is a life interest trust", are you referring to tenants in common?

You would need to be tenants in common for a life interest to work.

MarianC and 2 other Family Law Specialists are ready to help you
Customer: replied 8 days ago.
Thanks. I think I've got it now but have to go into a meeting this afternoon and will return to this later to confirm.

Good morning, do you need any further assistance?