Exciting days ahead…. Your loved one is moving in.
You own the house and have a mortgage.
You may have a young child or children from a previous relationship, and you have a Will that gives your wealth to that child or children. You don’t want to change that yet.
You may not have children, and your Will gives your wealth to your mum, dad and siblings. You don’t want to change that yet.
If your spouse moves in and they don’t contribute to the mortgage, the bills, groceries etc, then you will have a financial dependant.
And in that case, you may have to provide for your spouse in your Will. How much? Have you given them adequate provision? But don’t your young children need it more? If you don’t provide for your spouse, can they make a claim on your estate? Will your family evict your spouse?
What happens if you and your spouse contribute 50/50 towards the bills? Do you have to provide for them in your Will?
We saw many clients last week in exactly this position and we have given strategies depending on their circumstances.
In addition to the Will, you need to consider, if you can’t make financial or health/medical decisions, would you like your now de facto to make these decisions?