If an older couple, still working but within 10 years of retirement, get married, can they each protect their assets and their children? The only child of one partner is under 18, the other (of the other partner) is over 18. Each partner owns their own home, but there are still mortgages outstanding.
They want to get married and live together, which will entail buying a new home. Both had previously left each property to their respective children.
I was saying that they could probably each sell their house, use some of the money to buy another, and maybe set up a trust fund for the kids? Or can they make separate wills, leaving the surviving partner the house for their lifetime, and split the money between the offspring? The existing houses are wildly different in value - one is worth €400k, the other 100k, but the costlier one has a much bigger mortgage outstanding. The lesser has less mortgage left but is worth less than was bought for.
Any suggestions for them to think about before approaching a solicitor?
Thanks for any suggestions. They are reluctant to get married without having all this sorted out beforehand, and have no idea how to go about it.
They want to get married and live together, which will entail buying a new home. Both had previously left each property to their respective children.
I was saying that they could probably each sell their house, use some of the money to buy another, and maybe set up a trust fund for the kids? Or can they make separate wills, leaving the surviving partner the house for their lifetime, and split the money between the offspring? The existing houses are wildly different in value - one is worth €400k, the other 100k, but the costlier one has a much bigger mortgage outstanding. The lesser has less mortgage left but is worth less than was bought for.
Any suggestions for them to think about before approaching a solicitor?
Thanks for any suggestions. They are reluctant to get married without having all this sorted out beforehand, and have no idea how to go about it.