The complications of Wills. I'm not sure how I'm supposed to feel.
Answered 4 years ago
My partner and I are talking about marrying next year. We have 5 children between us (youngest being 6). We have started to talk about writing up new Wills when that happens.
He has said that he wants to leave his share to just his children including our house. I was thinking because we were bringing up children together and living life together that it would go 5 ways.
To clarify - I have 3 and he has 2.
He is coming in with about $70k more so I think that should be taken into account to go back to his children but every thing else financially we are pretty even. Theres no debt, we both have $200k roughly in super. He has about $110k roughly in equity (of course that can fluctuate) and I have $40k in savings. Our yearly income is pretty similar too.
I've never been one to think that children should be left of expect to be left anything but if there is any left then great.
I'm just so confused at how I'm feeling. I'm hurt I think because I feel that once married all 5 children become just as equal. I guess I also worry that this could mean that his children will always come first financially while growing up whereas i believe it should be more equal.
I'm also worried that if he passes before me that I'll be having to sell a home to pay off their inheritance. Surely after 40 odd years together he should be thinking more about my needs rather than his children who will be grown adults? I just assumed we'd be on the same page and its knocked me.
Am I taking this too personally and letting emotions get in the way of his practical way of thinking?
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Answers
I have only been living with my partner for a few months and we have not had this discussion lol
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Financially he provides for his children and I provide for mine. The wills stipulate his super goes to his children and mine go to mine. Essentially anything in individual names will go to the individuals children. Joint assets will be shared evenly. If either party die the partner retains use of the house until their death or a time when they no longer want to be there. The family home is currently in my name and was bought by me and when it is sold proceeds will go to my children.
I don’t need to provide for his kids as they have two parents. My kids just have me.
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If the title of your property is in both names as tenants in common the house will automatically pass to the surviving spouse regardless of what the will stipulates as tenants in common do not have shares, they both own 100% of the property. It's the same for joint bank accounts.
If the property is only in one name or in both as joint tenants, which is when the share is determined at the time of purchase, then that share can be willed to anyone. Same with individual bank accounts. However a spouse can absolutely make claim for the lot irrespective of what the Will stipulates.
This is a sticky situation but i wish you all the best.
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But Im confused about the house. Why would it go only to his children? Is it his house or both of yours.
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I had two investment properties and substantially more super and savings than him.
Essentially it reads that was is retained solely in my name is for my kids upon my death. Super is for my kids upon my death. All property retained in my name only is for my kids upon my death. All accounts and any property retained in joint names is considered “family property” to be retained by him 100% - but we will never have jointly owned anything. It is the same for him in reverse.
I’m sorry but it’s just not ok for anyone to spend their life working their ass off to pay for someone else’s kids .... especially when they have two surviving parents. Mine only gave me.
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If you have been, or could be, together 40 years, then that obviously counts for nothing with him.
As men get older they seem to become more and more concerned about, and focussed on, their own biological kids, to the exclusion of everyone and everything else.
If you are de facto now, you have much greater rights than you would if you were married. So its no advantage to you at all.
In this situation of mixed families, you should never sign any will without getting your own independent legal advice. If you were going to even have a "financial agreement" you would both be required to obtain independent legal advice.
I especially recommend that you get independent legal advice yourself.
I was in a defacto relationship, we had a financial agreement, (fully developed and produced by lawyers), and I paid totally cash for the house. He put in nothing. I paid all rates and any improvements. And also most of everything else.
His family thought they were entitled to half the house, and it cost me $70,000 in legal fees to defend the claim, plus a $30,000 payout from me after court proceedings. There were no dependent children when we got together.
I was just lucky I had the money to defend it.
Do not underestimate the cost of the consequential costs of legal action if it becomes a mess. Get legal advice before you sign anything.
In a previous relationship I found out my defacto was siphoning off money to his kids, and protesting about any expenditure for things my kids required. In the end he went bankrupt, and we both lost all of our substantial assets, so there was nothing to share. I had to start again from zero. And he had been using the business that I was not involved in, but was mortgaged against our previously freehold house, to enrich his kids. We had been together 18 years and our 4 kids were "supposedly" treated equally.
There are lots of traps. You really need good legal advice.
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The reason for this so I can continue to support my child. If I leave everything to my husband there is no guarantee that my child will see any of it.
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I'd be making him understand as his partner he needs to consider & care how you'll be affected. I get that he wants to ensure his kids are taken care of, as stories of bio kids being left with nothing & partner's kids benefitting are everywhere. I'd be putting to him in reverse scenario - whoever the kids' trustees are would control your half of the house (trustee shouldn't be him, should be two people who won't benefit/are impartial). Would he want to be forced to move?
He can increase his Super insurance policy & entail both of those to his kids, then let you have the house so you're not left with nothing. Otherwise I would reconsider marriage or make damn sure I didn't contribute one cent more than half to the house & bills & save it for yourself & kids & making sure your will reflects that your half of the house/savings goes to your kids.