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    • Batman2017
    • By Batman2017 23rd May 17, 3:19 PM
    • 71Posts
    • 59Thanks
    Batman2017
    What happens if we die
    • #1
    • 23rd May 17, 3:19 PM
    What happens if we die 23rd May 17 at 3:19 PM
    Me and my wife are expecting our first baby, once the baby is born i'm concerned about what would happen to our assets if me and my wife were to both die at the same time unexpectedly. Would our assets safely pass to our child or are there risks involved?

    Thank you
Page 1
    • bengalknights
    • By bengalknights 23rd May 17, 4:01 PM
    • 4,211 Posts
    • 1,539 Thanks
    bengalknights
    • #2
    • 23rd May 17, 4:01 PM
    • #2
    • 23rd May 17, 4:01 PM
    Its entirely dependant on if you have a will, if you dont usually it goes to the state who then search for living relatives and split that way.
    • DigForVictory
    • By DigForVictory 23rd May 17, 4:48 PM
    • 7,269 Posts
    • 19,936 Thanks
    DigForVictory
    • #3
    • 23rd May 17, 4:48 PM
    • #3
    • 23rd May 17, 4:48 PM
    Figure what you want to happen & make a Will being very clear about that.
    Do please tell whomever you want to be Guardian about your decision ahead of time?!
    • Placitasgirl
    • By Placitasgirl 24th May 17, 8:40 AM
    • 230 Posts
    • 399 Thanks
    Placitasgirl
    • #4
    • 24th May 17, 8:40 AM
    • #4
    • 24th May 17, 8:40 AM
    The only way to ensure that what happens should you both die at the same time is what you wish to happen, is to prepare your wills now.

    It really is quite a simple process and one that will give you the peace of mind that all will be as you intend should the unthinkable happen.

    You can visit a solicitor if you wish, or take advantage of some of the "free will" days which some charities and organisations offer in return for a donation. Alternately you can draft your wills yourself; they will be legal provided they are correctly witnessed. There's a great deal of help and advice on this online should you wish to go down this route.

    It's great that you're considering this now; be sure to follow up and put your wishes properly in place before little one arrives.

    Congratulations on your impending arrival.
    • Primrose
    • By Primrose 7th Jun 17, 5:21 PM
    • 7,909 Posts
    • 27,582 Thanks
    Primrose
    • #5
    • 7th Jun 17, 5:21 PM
    • #5
    • 7th Jun 17, 5:21 PM
    Congratulations on your potential new arrival.

    Yes, definitely time to do the grown up things now!

    1. Decide who you want to look after your children if you both died in an accident
    2. Make a will naming your guardians and make sure you make provision in your will for any further children you might have. If you don,t appoint a guardian it could end up with two sets of grandparents or other relatives squabbling or even Social Services stepping in. Your solicitor will suggest how best to handle finances and inheritance if a guardianship situation arises.
    3. Never too early to think about you and your wife getting powers of attorney for each other too so that's if one of you is incapacitated by an accident or long term illness you can act for each other. There are two versions: property and financial affairs and ahealrh & welfare. The first one is probably the most important. Read up about it on the Office of Public Guardian website.
    4. And have you got life insurance so that if something happens to you your wife and child are financially looked after. You may already get life insurance cover with your pension arrangement but check !
    • TBagpuss
    • By TBagpuss 12th Jun 17, 2:42 PM
    • 6,148 Posts
    • 7,914 Thanks
    TBagpuss
    • #6
    • 12th Jun 17, 2:42 PM
    • #6
    • 12th Jun 17, 2:42 PM
    Its entirely dependant on if you have a will, if you dont usually it goes to the state who then search for living relatives and split that way.
    Originally posted by bengalknights
    No, it only goes to the state if there are no living relatives. In this scenario it would all go to the child, but without a will appointing trustees it would be potentially quite restrictive about how the money could be invested, what could be used while the child was still a minor, and looked after it on the child's behalf.

    OP, it would be sensible for you both to make wills. You can think about who you would want your baby to live with if you both died, who you would want to look after your assets for the baby, while they were growing up (this can be more than one person, and doesn't have to be the same person as the child lives with)

    also think about how you would want to arrange things if one of you dies.

    You may want to consider whether you need to review your insurance arrangements - for instance, if one of you died, could the other manage financially, taking into account the loss of earnings and/or the sudden need for a lot of extra child care?
    • trucdev88
    • By trucdev88 26th Oct 17, 6:51 AM
    • 5 Posts
    • 4 Thanks
    trucdev88
    • #7
    • 26th Oct 17, 6:51 AM
    • #7
    • 26th Oct 17, 6:51 AM
    In case, you have only 1 child, all of your assets will be belong to your child.
    • pphillips
    • By pphillips 3rd Nov 17, 2:19 PM
    • 237 Posts
    • 189 Thanks
    pphillips
    • #8
    • 3rd Nov 17, 2:19 PM
    • #8
    • 3rd Nov 17, 2:19 PM
    In case, you have only 1 child, all of your assets will be belong to your child.
    Originally posted by trucdev88
    However, unmarried children under 18 cannot legally inherit and their inheritance is instead held in trust for them by their legal guardian.
    • badmemory
    • By badmemory 3rd Nov 17, 5:11 PM
    • 1,210 Posts
    • 1,316 Thanks
    badmemory
    • #9
    • 3rd Nov 17, 5:11 PM
    • #9
    • 3rd Nov 17, 5:11 PM
    I think that with children involved it is even more important to update your will. I would certainly suggest a personal review (as in no legal input) annually. But that is supposing that you fully understand what your will says! If nothing else you need to check that any guardian is still able, willing & suitable to be a guardian. Your opinions may well change over the years as you see how your chosen guardian interacts with children in their care.
    • PasturesNew
    • By PasturesNew 3rd Nov 17, 5:39 PM
    • 61,291 Posts
    • 358,846 Thanks
    PasturesNew
    One thing nobody thinks about is "your stuff". Some faceless stranger could clear the house ... binning treasures and documents. You might wish to make a list of specific documents/items of note that have no value. e.g. "The box contains the christening gown .... handmade by aunt mabel, who has since died". Stuff that any children might wish to receive in the future.

    A box with some old baby clothes in would probably go straight in the bin otherwise.

    Ask anybody who lost their parents at any age up to teens what they have got of their childhood/home - and the answer is that they are usually whisked away with a suitcase of clothes packed by somebody else, never to return.
    • relaxtwotribes
    • By relaxtwotribes 4th Nov 17, 3:22 PM
    • 242 Posts
    • 110 Thanks
    relaxtwotribes
    When a husband and wife tragically die in say an airline accident or a car accident and it is not possible medically to establish who survived the other, then it is commonly understood by the general law (Section 184 of the Law of Property Act 1925) that the spouse who is the younger of the two who have died is deemed to have survived the elder. The position where this unfortunate set of circumstances occurs is different when a Will has been made by both the deceased parties. Where a Will has been made by both of the deceased parties then the rule of the younger surviving the elder prevails. Thus if the husband is the elder of the two the estate will pass under the terms of his Will (often to the surviving spouse) and then the estate will be distributed in accordance with the wifeís Will in this example. Of course this can be the same if the wife dies first and is the elder.

    The position is materially different if given the tragic accident where both parties die and are married but both are intestate i.e. they have not made a Will at the date of their death. The rule that the elder survives the younger is not imposed. If it is not possible given these circumstances to establish who survived then neither spouse will take an interest in the estate of the other i.e. the husbandís property on death will fall to go to his children or other relatives and the spouse will likewise devolve her property to her children.
    • Mojisola
    • By Mojisola 4th Nov 17, 3:34 PM
    • 28,772 Posts
    • 73,424 Thanks
    Mojisola
    Where a Will has been made by both of the deceased parties then the rule of the younger surviving the elder prevails.

    Thus if the husband is the elder of the two the estate will pass under the terms of his Will (often to the surviving spouse) and then the estate will be distributed in accordance with the wifeís Will in this example.
    Originally posted by relaxtwotribes
    A well-written will should have a clause which says that the spouse (or other main beneficiary) only inherits if he/she survives for, say, 28 days.

    This avoids this problem.
    • pphillips
    • By pphillips 6th Nov 17, 1:12 PM
    • 237 Posts
    • 189 Thanks
    pphillips
    A well-written will should have a clause which says that the spouse (or other main beneficiary) only inherits if he/she survives for, say, 28 days.

    This avoids this problem.
    Originally posted by Mojisola
    Be very careful with this kind of clause because:
    1. its effect is to cause the loss of the transferable nil rate band.
    2. a mirror will could accidentally cause the other beneficiaries to benefit twice .
    • relaxtwotribes
    • By relaxtwotribes 6th Nov 17, 3:18 PM
    • 242 Posts
    • 110 Thanks
    relaxtwotribes
    Be very careful with this kind of clause because:
    1. its effect is to cause the loss of the transferable nil rate band.
    Originally posted by pphillips
    Do you mean that the transferability is lost, rather than the actual nil rate band?
    And, if the two deaths did occur within 28 days of each other, what benefit would the transferability have anyway? A good '28 day survivorship' clause would usually go on to say who gets the inheritance instead.
    • pphillips
    • By pphillips 6th Nov 17, 3:47 PM
    • 237 Posts
    • 189 Thanks
    pphillips
    Do you mean that the transferability is lost, rather than the actual nil rate band?
    And, if the two deaths did occur within 28 days of each other, what benefit would the transferability have anyway? A good '28 day survivorship' clause would usually go on to say who gets the inheritance instead.
    Originally posted by relaxtwotribes
    There are two different bands, there is the nil rate band (£325,000) and the transferable nil rate band (£650,000).
    Okay lets say for example that A & B are married and, they have a survivorship clause. A dies first and B dies a few days later. Under the terms of the survivorship clause B inherits nothing and both estates pass to C. A has assets of £500,000 and B has assets of £100,000. C pays inheritance tax on A's estate at 40% on £175,000 (£500,000 - £325,000) but would have paid nothing if B had inherited first as then the transferable nil rate band would have applied.
    Last edited by pphillips; 06-11-2017 at 4:08 PM.
    • raees94
    • By raees94 7th Nov 17, 6:21 PM
    • 10 Posts
    • 3 Thanks
    raees94
    It will pass to your kid only when he is above 18 otherwise it will be the property of government and transferred to your baby after he is 18.
    • pphillips
    • By pphillips 10th Nov 17, 1:30 PM
    • 237 Posts
    • 189 Thanks
    pphillips
    It will pass to your kid only when he is above 18 otherwise it will be the property of government and transferred to your baby after he is 18.
    Originally posted by raees94
    Not correct ,it will only become government property if you die intestate and you have no surviving relatives who become entitled to your estate under the rules of intestacy.
    • Ziggazee
    • By Ziggazee 10th Nov 17, 1:50 PM
    • 459 Posts
    • 580 Thanks
    Ziggazee
    Wow....don't people complicate things with, often unnecessary, advice on here.


    OP - just go and see a solicitor and draw up a will. Please don't rely on the advice from people on here, which is often taken (and misinterpreted) from the internet.
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