Will and security

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Will and security

Postby David020549 » Thu Feb 26, 2015 7:32 pm

A couple who are good friends of mine have a serious problem. Sally 59 and Jim 83 have been together for 35 yrs and married for 15yrs they have had a good life and are well off. Jim had a previous marriage with 3 children, met Sally a year after the divorce, no kids of their own.
Jim has always taken care of the finances, Sally has no share of the property nor any access to the bank accounts and only has a small amount of her own savings. They recently reviewed their wills where it was revealed that Sally was only to get occupancy of the house for life, that is no equity at all and no income to live on. As Jim gets older at some stage "right of attourney" will probably be needed and this is likely to go to his son, Sally is horrified because they have been at daggers drawn for years.
Sally does not want to divorce now but how does she secure her future, bearing in mind that she could live for 30 yrs after Jim goes.
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Re: Will and security

Postby Mrdad » Thu Feb 26, 2015 9:50 pm

Can't say I'm up on this type of thing, but surely, as long as he is of sound mind! He can change his will? I'm sure he wouldn't want her to be left with the risk of being thrown out by the son, as if she doesn't own the house, it could be sold. I'm sure if they took legal advice on the matter they would be better advised. But it sounds like they need to re write their wills.
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Re: Will and security

Postby David020549 » Sun Mar 01, 2015 4:31 pm

After about a month of being really depressed Sally is now a really happy lady, she managed to get joint ownership which solves all her worries, so a happy ending.
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