Leaving the house 3 ways between wife and 2 teenage children

[ramesh046]

The house is my sole name. Want to make a will and leave the house when I die three ways. in order to safguard childrens (18 and 21) future. The house is worth at present about £350K and about 30K savings What are the pitfalls involved in creating this kind of will. Any advise would be appreciated

Or I could leave the house in wife's name in the will and trust(hopefully) that when children need funds in the future that she would oblige by downgrading
thanks

[craft1948]

Why on earth should your wife downgrade just to give your children money.....let them earn their own.

[jaydah]

Children will be subject to inheritance tax whereas spouse is not.

[Barmaid]

The pitfalls of leaving the house three ways is that on your death, your children would be entitled to ask for an order for sale so they can have their money then. Will your wife be able to rehouse herself for that? In any event, if you left it three ways, I suspect that your wife could and may bring a claim under the Inheritance (Provision for Family and Dependants) Act 1975.

You could leave the house to your wife for life and on her death between the children. The children will then have to wait for her death before they get their money. This way though it is protected if, for instance, your wife were to remarry.

I'd get some decent advice if I were you.

[angler57]

Am I reading something into this? Is wife also mother of said children?
My belief is that whatever your will states about division of your estate etc that you cannot force wife / widow out of her home.

[Barmaid]

Unfortunately, that is incorrect angler. If the OP left it all to the cat's home and the wife did not make a claim under the Inheritance Act she could be forced out. If he left it split three ways, she would only have one third of the property, if the children got together and said they wanted it sold, the court will listen to the majority.

[craft1948]

I suppose if it's HIS house the wife should be thankful he lets her live in it now.

[woofgang]

can I ask what your wife thinks of this?

[woofgang]

jaydah let's not get judgemental here.

[dzug2]

Leaving a house between 3 or even 2 people is a recipe for endless disputes over maintenance, who lives there, on what terms, whether to sell. Added to which there are taxation problems, whether IHT or CGT or conceivably both

Think again. Best leave it to your wife and let her have sole say in what to do with it.

[ramesh046]

Grateful for these many good replies. I had a brief chat with a solictor over the phone(5min) His initial advice was similar to DZUG and BARMAID.
3 ways will is filled with potential pitfalls. However, My main intention is to cater for the children when they need cash(for deposit etc). But if my wife does not downgrade to cheaper property or does not or finds it difficult to get cash for the deposit, then the only way children will benefit is on her death. How about if my wife wants to sell the house in the future and the children are already settled in their new future, can the proceeds of the property be divided into 3 share, (Rather than her giving away money to her OWN family abroad

Please note that I am not a bad person . Its just that I dont want to end up with my children not benefitting much on the sale instaed of some other family

[237SJ]

If you divide the house 3 ways and the children want your wife to sell so that they can claim their inheritance, you wife will be hard pushed to find somewhere for £116K and could find herself homeless.

[boxtops]

I can see where you are coming from ramesh, you want your own children to benefit rather than your wife's family somewhere else, if and when the house is sold. I am no legal expert but surely there would be some way to identify this in your Will.
Surely if your wife sells in the future, she would need all (if not most) of the proceeds to buy a new house though? A third wouldn't leave her enough to buy a house in many parts of the country.

[ramesh046]

Hi Boxtop, yes got the gist of the matter. If she sells the house then she moves abroad to her own family handing them most of the cash. Thats my main concern. May be I should not conrtemplating this scenario. But I am most grateful for your input. At least I am now better informed. Thanks again