about will's

[lilithe]

my husband hasnt made a will and wont entertain the thought.. what i want to know is what happens to the house when he dies...we have two children .

[bednobs]

if you own it as tennants in common, it will be yours
if you own as joint tennants (i think thats the right way round) his share will be dealt with under intestacy rules = you will get it as his wife. Same as if its all in his name.

[bednobs]

take that back, its the other way round

[Barmaid]

Are you living in England or Wales? In which case, the intestacy rules will apply. In which case the spouse inherits everything up to �250k ("the statutory legacy") and personal possessions. Spouse has the right to elect to take matrimonial home instead of statutory legacy if worth less than that or they can make up the difference.

Of anything left, half goes to the children on attaining 18. The other half is invested for the widow during her life and she is entitled to the income and on her death to the children absolutely.

[Barmaid]

I should have said, the estate that passes under the intestacy rules excludes any assets that pass under survivorship where the assets are owned as joint tenants.

[tamborine]

Barmaid....doesn't the tax man have an interest if there's no will?

[Barmaid]

No Tambourine. The tax man only has an interest if the estate is over the nil rate band and is not fully exempt. Does not matter whether there is a will or not.