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Dextrous63
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Dextrous63 is offline
Manchester, UK
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06-07-2020, 11:16 PM
21

Re: Relationship Exit Plans?

Originally Posted by David P ->
Sad but possibly necessary these days. My partner took out a savings account in her name only purely to save for our grandchild. We have joint accounts for our normal business. A lady friend of mine told me to be careful and was convinced my wife was saving money in preparation for a divorce.
I might be wrong here, and it might well depend on what you mean by "partner", but in the event of death money in a joint account cannot be considered for probate (and hence part of the deceased estate) since it is not clear precisely whose money is whose. However, a savings account in a single name might be viewed as part of the individual's estate and could, theoretically be taxed if the threshold is reached.

Hopefully I'm wrong, but it might be worth asking for advice about this, as well as any related implications for power of attorney should this ever arise.
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Artangel
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07-07-2020, 07:54 AM
22

Re: Relationship Exit Plans?

Ted, I can’t see anywhere on the thread if the property they are going to live in, is rented or they are purchasing it?

If they are purchasing it, then Yes, maybe some agreement should be made.
If the property is being rented and it’s furnished, well there is not much else that will be taken into the place?

If each have provided the furniture and fittings, well, maybe an agreement might be necessary.

If it’s an agreement about paying the rent, if they fall out and one moves out, then yes, again. No one wants to be liable for the whole rent as these days, it’s an awful lot of money.

It all seems a bit clinical but it saves any misunderstanding if things were to go wrong and break down.
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summer
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yorkshire
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07-07-2020, 08:25 AM
23

Re: Relationship Exit Plans?

I think if you own a property and someone comes to live with you it's a good idea to have an agreement in place..

I know so many second time arounders whose kids have lost out on their inheritance when their parent died because the house went to the new partner and then eventually onto that partners kids.
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Tachyon
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07-07-2020, 11:27 AM
24

Re: Relationship Exit Plans?

Originally Posted by summer ->
I think if you own a property and someone comes to live with you it's a good idea to have an agreement in place..

I know so many second time arounders whose kids have lost out on their inheritance when their parent died because the house went to the new partner and then eventually onto that partners kids.
People who move in together at our time of life are crazy to do so without everything agreed legally and in writing beforehand. I wouldn't be stupid enough to move in with anyone in the first place. There's no point in doing so.
marciniak
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07-07-2020, 11:53 AM
25

Re: Relationship Exit Plans?

Bet there are a few Men and Women, who'll marry more for financial gain than love.
 
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