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    • Batman2017
    • By Batman2017 23rd May 17, 3:19 PM
    • 26Posts
    • 13Thanks
    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
    • 4,067 Posts
    • 1,485 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
    • 6,910 Posts
    • 18,507 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
    • 216 Posts
    • 371 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
    • 7,539 Posts
    • 25,382 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
    • 5,772 Posts
    • 7,544 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?
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