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I have a Will. Two executors. Estate left to children with provision for Carers.Financial arrangements with husband are informal. He is selling a property and promises to give me money for a house. The children and I are renting - not ideal. I don't want any house to become part of my husbands estate. Thank youSusan
Yes . He is their father. Which arrangements do you mean? The arrangements for the children are that they live with him, wherever he is, and some of the estate will provide for a home for all of them if necessary. But property/money reverts back to children when they are adults as the estate is legally left to them not him.
I simply wanted to see if I could avoid confusion or avoid the property, or the value of the property, disappearing into his estate and then being divided and benefit his older children by his first marriage.
Thank you for the response. You have partly answered my question, so thank you. I really wanted to know what name I put the property in. Do I put it in my name solely? Do I put it in mine and the children's - if that is possible. I think from your answer, you are saying I put house in my name, I set up a Trust with the property as the asset (?) and then as it forms part of my estate it will be for the benefit of the children named in the Trust?
Is it easy to set up a Trust?
Have I understood correctly?
Many thanks Susan