Hi friends
I have found us a house to buy and am busy trying to sort out solicitors to help me do so. I thought I had found one near the house but as soon as I mentioned that my OH had Alzheimer's they pulled out saying I would be best to have someone closer to where I am now to advise me. I mentioned that I had poa for financial and health and that seemed to make them run!!!!
Anyway, I have an appointment tomorrow to see my local solicitor, who incidentally arranged the POAs for me and our wills, so hopefully she will do it for me.
What I would like explaining to me again is the advantage of buying the house as tenants in common. Am I right in assuming that the benefit is that if my OH goes into a home and then I change my will, I can then make sure that my half of the value of the property, if I should I die first can be left to the children rather than it all going to my OHs estate as it will if it is in joint names and therefore the state will use the whole house value to pay for the care of my OH until he dies? We have mirror wills at the moment leaving everything to each other. It's horrid to have to think like this.
Also if it is a tenants in common and our wills state it goes to each other, should he die first then I will get the whole house so I can leave it to the children? If the house is in tenants in common and I am living in the house the state can't make me move out can they or draw money from the house to pay for his care?
The other option would be for me to put it in my name only and will half the house to my OH and half to the children, but as most of the money is coming from the sale of our Spanish house which we joint owned presumably I set myself up as defrauding my OH of his half share?
Sorry to be so long winded but I know several of you have been down this road and I'd like to be forewarned before seeing the solicitor tomorrow lunch time.
Many thanks
I have found us a house to buy and am busy trying to sort out solicitors to help me do so. I thought I had found one near the house but as soon as I mentioned that my OH had Alzheimer's they pulled out saying I would be best to have someone closer to where I am now to advise me. I mentioned that I had poa for financial and health and that seemed to make them run!!!!
Anyway, I have an appointment tomorrow to see my local solicitor, who incidentally arranged the POAs for me and our wills, so hopefully she will do it for me.
What I would like explaining to me again is the advantage of buying the house as tenants in common. Am I right in assuming that the benefit is that if my OH goes into a home and then I change my will, I can then make sure that my half of the value of the property, if I should I die first can be left to the children rather than it all going to my OHs estate as it will if it is in joint names and therefore the state will use the whole house value to pay for the care of my OH until he dies? We have mirror wills at the moment leaving everything to each other. It's horrid to have to think like this.
Also if it is a tenants in common and our wills state it goes to each other, should he die first then I will get the whole house so I can leave it to the children? If the house is in tenants in common and I am living in the house the state can't make me move out can they or draw money from the house to pay for his care?
The other option would be for me to put it in my name only and will half the house to my OH and half to the children, but as most of the money is coming from the sale of our Spanish house which we joint owned presumably I set myself up as defrauding my OH of his half share?
Sorry to be so long winded but I know several of you have been down this road and I'd like to be forewarned before seeing the solicitor tomorrow lunch time.
Many thanks