No Will In Place Yet So What Would Happen If One Of Us Passed Away?

[tgm1974]

Myself and my husband have not yet made a WILL for our belongings, finances, etc. I know this may sound lame but we cannot afford the cost of having this done properly yet and I wondered is there some way of writing up our own "wants" incase one of us passes away without having to pay out silly money.

My husband has been married before and has children from that marriage, we have children too. He did have a WILL with his ex wife so I assume this becomes nil and void now that we have married.

If we don't get anything on paper and one of us was to die in the meantime, what happens. I'm more concerned about what would happen if he passed away as vice versa I'd assume as all children are his, regardless of past relationships, then that would be an easy thing to solve re finances and splitting of stuff.

Hope I've not babbled and made myself understandable. Can anyone give some advice?

Thanks

[chelle7272]

there are some options for making a will fairly cheaply.
This is a good link
http://www.moneysavingexpert.com/family/free-cheap-wills

[murraymints]

you can buy pro forma wills where you fill in the bits as long as witnessed properly...boots do them.or wh Smith's even my local post office....

[Brinjal]

A will only becomes null and void when a new will is written that supersedes the old one. Get one done now. As the previous posters have stated there is online info of how to go about it. But you still must be very specific and detailed in the will so that there can be no misunderstanding at the time. Believe me ugliness rears its head when there is a will especially if it not clear and premises.

[FredPuli43]

Not quite so, Brinjal. A will is automatically revoked on marriage, unless it is made "in contemplation of the marriage" i.e. it's written specifically to be effective on the marriage. The OP is correct. Any will not made in that form has been revoked by the subsequent marriage.

[tonywiltshire]

You have to ask yourself if you can afford not to have your will properly prepared, some people who produce DIY wills provide the legal profession with a good income sorting out the detail, as Fred rightly says wills are usually revoked by marriage and your will should not be witnessed by a beneficiary or the partner of a beneficiary, if you do have your will professionally prepared beware of the organisation who prepares the will and also insists on being an executor.

[pusskin]

Have just been quoted £200 for us both to have wills made with our new solicitor, so this post does interest me. (£200 expensive)

[factor-fiction]

I think it's worth using a solicitor/professional will writer for all but the most simple wills. Where there are children involved from a previous marriage and a property I think it's worth getting it done professionally. Some providers do inexpensive deals (see chelle's link)

[woofgang]

The bloke who did ours also made some very useful suggestions so as to make sure that what we wanted to happen would happen. The price included registering at the national wills register and secure storage of the original wills.

[woofgang]

Will writers, as I understand it are not answerable to any professional body or registration system. I am sure there are good ones but I would be dubious about using one myself.

[Barmaid]

Some charities offer free will schemes (on the hope you might leave them a legacy, however small). Which! also publish a guide to making your own Will which I understand is very good.

I agree with Tony. When it comes to construction of Wills I spend far more time sorting out DIY ones than professional ones.

[tgm1974]

Hi everyone

Once we have the funds for a professional WILL then we will definitely invest in one. It is just to be cautious over the next 12-24 months really until my husband receives the money owing out of his house with his ex ....

I wasn't too sure if no WILL was written would the entire fortune lie with me til I made a single WILL if he passed away. Go I feel dreadful asking these questions but I've just lost my Aunt last week, suddenly with no notice, so I'm a little in edge!

[factor-fiction]

Why not take up one of the 'free will' offers for now and then if you have have saved up a £100 or so in a couple of years you can get it done again

[ubasses]

The following will help.

Dying intestate - where will your estate go?
If you're married, or in a civil partnership AND have children

If you have married, or are in a civil partnership and have children but haven't written a will, your spouse will receive everything in your estate, including all personal possessions, up to the first £250,000.

Anything above that amount is divided in two, with half going to your children at age 18. The remaining half belongs to your spouse under a 'lifetime interest'. This means that the capital cannot be spent but your spouse has a right to a income from it, perhaps through interest on a savings account. On the death of your spouse, this remaining half goes to your children.

[Buenchico]

You ask about the intestacy laws (which apply if one of you dies without leaving a will), so here goes:

Let's deal with the house first (if relevant):
If you and your husband own a property as 'joint tenants' then wills and the intestacy laws are irrelevant anyway. When one of you dies, the other one will acquire full ownership of the property automatically. (Anything written in a will, giving their share of the house to anyone else, would be invalid since neither person actually owns a 'share'; its the partnership which owns the whole house).

However if you own a property as 'tenants in common', then the intestacy laws apply and the deceased person's share of the house will form part of their estate, which is distributed in accordance with the rules illustrated in this flow chart:
http://www.tollers.co.uk/system/docs/178/original/Rules%20of%20Intestacy%20Flowchart.pdf

Chris

[tonywiltshire]

Pusskin, If you have received an estimate of £200 by a solicitor for 2 wills my advice would be to accept as it seems good value for money and peace of mind.

[tgm1974]

Alot of useful information folks.

I forgot to mention that we jointly owned the house until 6 months ago when we re-mortgaged. We were offered £35k by our "Johnny No Name" mortgage company to move elsewhere as they were losing money in their mortgage customers. Anyway, I've been involved in an IVA so they would only give my husband a mortgage. I trust him completely so wasn't an issue putting house in just his name .... seems from the flow chart it doesn't matter as I'd still receive up to the first £250k, etc, if I'm reading correctly!!

We basically want a WILL to read as follows which is a little detailed so will need to be done professionally at some point :

1. We have £200k home which £100k would be left between my two boys. The other £100k being my husband which would left between his 5 children (2 from our marriage and 3 from his previous).

Some people may question this divide but I don't think it's fair that his children get an profit my share of this house .... as they will eventually also be gaining from their Mothers home. Percentage wise from their parents they overall will be better off than my children will from us : my children gain 35% from this house whereas his other children gain 10% from this house and 33% from their Mothers)!!! Very long winded but something I'm happy with!

[tonywiltshire]

Please consider having your wills professionally prepared to ensure they reflect your views, ensure you explain what you wish to achieve and that this will be achieved, try to leave no room for future challenges.

[joko]

your divisions are right and fair ... split in half then divide as individuals... just as you would if you split up

[Peter Pedant]

can anyone give advice ?

sure can: get a will done by a professional

I agree £200 for two wills sounz OK