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In that case, the house would form part of his estate and you would receive £250, 000.00 and personal possession, anything over £250,000.00 would be divided in two with one half going directly to your son. You would half a life interest in the other half (ie. the right to receive income) until you die, it would then pass to your son.
If his assets do not exceed £250, 000.00 then all the estate (including the house) would simply pass to you.
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