Do we need a will?

foreversomeday

I know this might sound a silly question but I really don't know.

I was thinking we should write a will because we've just had a baby, but my OH just asked why we needed one and I realised I didn't know! We haven't really got anything to leave - we rent our house and don't have any savings or priceless heirlooms. What else is a will for? I assume it also details who would get custody of our DS if anything were to happen to both of us.

skylight

For a start you can stipulate guardians. For that alone its worth it. If you and OH were to die at the same time, then this decision would be made by social services and could start in-fighting between relatives etc.

Leaving stuff to your son. It does not have to be heirlooms - photos of you all together, personal jewellry that may be cheap but its yours. You don't want a "well meaning" relative going through the house and clearing it out, leaving your son with nothing to remind him of Mum and Dad.

Lillibet_2

Yes, this is exactly why you need a will. Contary to popular belief, if you don't specifically appoint guardians then your child(ren) will not aautomatically go to a next of kin but social services who may decide to put them with family, with a foster family or up for adoption. You can also specify your funeral perferences, any non-valuable items which you might wish to pass on for sentimental reasons etc. Plus although you might not appear to have much to leave, you mgiht be suprised by employer insurances etc which you aren't aware of but could potentially come into play, or if you were to die in an accident or by violent means and your dependents be entitled to compensation.
It is national Make a Will month & it is possible to get single wills made for a £75 donation or joint wills for £110 donation to specific charities, which is quite a good price. There is a liink on these boards somewhere on how to find participating solicitors., I'll try to find it for you & edit it in.

HTH;)

Edit : Make a Will month details here
http://forums.moneysavingexpert.com/showthread.html?t=1234403

foreversomeday

Lillibet wrote: »

It is national Make a Will month & it is possible to get single wills made for a £75 donation or joint wills for £110 donation to specific charities, which is quite a good price. There is a liink on these boards somewhere on how to find participating solicitors., I'll try to find it for you & edit it in.

HTH;)

Thanks, I saw that thread and it reminded me to have the discussion with OH in the first place.

The issue of who would get custody is a tricky one. We haven't discussed it in detail together yet.

MrsTinks

And if you don't do it now, will you remember when one day you DO have something valuable to leave your children?

LondonDiva

Yoou have a child, so....

Yes, yes, yes, yes, yes.

Book an appointment tomorrow.