Thank you for the question. It is my pleasure to help you with this today. Please bear with me if I ask for more information. You cannot change the name on the charge without her consent but what you can do is assign the benefit of the charge or part of it to whoever you wish. Your ex has no control over that. The new party would have the equitable title or part of it but you still retain the legal (on paper) title. Once assigned , then the assigned value is no longer of benefit to you when the charge crystallizes.
Does that answer the question? can I answer any further points?
I am offline now until tomorrow but can pick this up then if needed. Thanks
From Dr Peter F Smith
Thank you for your very clear answer. This means, I think, that I could assign the benefit to my present wife. But there are two points needing clarification
(a) Would such an assignment to my present wife survive my death (eg if I were to predecease my ex-wife) ?
(b) Can such an assignment be to the joint names of myself and my wife? If so, then that would solve the problem in my question (a)
I had one more question, but am not sure if it got sent.
My problem was that if I predeceased my ex wife she would assume that the legal charge died with me, so she would then be sole owner.
In fact my Will already states that all my assets go to my present wife, but the legal charge would not materialise until later when my ex-wife dies, which could be for example 10 years later. By what paperwork could my present wife ensure that she eventually benefits from this? Thanks, XXXXX
I didn'tget any other question.
Thatassumption is wrong.
Assetsdo not die with the owner.
Debts (notasset) die with the owner, but only if there are no assets (not applicable inthis case).
Ithink the easiest way and simplest way of dealing with this if you areconcerned about what happens on your death rather than during your lifetime isquite simply to refer to the legal charge in your will and say that she gets itand that way your wife will be aware that it exists and that she is entitled tothe benefit of it.
Ittherefore remains yours during your lifetime to do with as you wish and if everyou got divorced, it might be taken into account with regard to marital assets.If you assign it, or assign part of it, the assignment is irreversible.
Whateveryou do, you need to make sure that she is aware of it and if you assign half ofit to your wife, then the other half which you are retaining needs to be mentionedin your will.
Bewareof making something which is completely impractical and my suggestion would beto simply leave her the benefit of it in your will, rather than go to thetrouble of assigning it, particularly if you are only thinking of assigning part of it.
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