Not got a will? Find out where your money'll go now ... its changed

chatnoir

My partner and I bought a place in 2007, and we got Life insurance to cover the mortgage should the worse happen to one of us. Am I right to assume that even though we are not married that if I go first then the insurance will pay out to him and not my parents...and vise versa???

bernard_ric

chatnoir wrote: »

My partner and I bought a place in 2007, and we got Life insurance to cover the mortgage should the worse happen to one of us. Am I right to assume that even though we are not married that if I go first then the insurance will pay out to him and not my parents...and visa versa???

You need to check the way the Life Assurance was drawn up but I would assume that you would each be named as the beneficiary in the even of the other's death. In fact thinking back it will probably be the Mortgagor named as beneficiary if it is simply to repay the mortgage in the event of death of one of you.

aitch-aitch

torpedo wrote: »

I question whether going to the expense of a Will is neccessary for those of us who live uncomplicated lives.

I am Married, our house in jointly owned out right value £250k I have 3 children all over 16. I live in England
If I or my wife die, half of the house and other assets and insurance would not exceed 250k so it would all go to the other half.

If we we both die at the same time it would be split between the kids.

I'd be interested to hear any other reasons I don't understand to explain why I should pay money to the legal profession for a Will when the Goverment seem to have it covered.

But your circumstances may change - of course you could leave making a will untill that time - but what happens if you are incapable by that stage?

If you make a will through Will Aid (there was a thread not long back about this) then the cost is fairly minimal and money goes to charity not to lawyers!

17Dave

The only legal way to appoint guardians for children under 18 is through your will.
Otherwise social services will be involved.
Get control make a will.

Mojisola

Jo_R wrote: »

I have envisioned that DDs would go to my parents - how the ex would feel about that I don't know, I'm not against him having them but my first choice would be my parents who I know would be happy to.

Does he have parental responsibility? If so, then decisions about their future will be made by him.

Jo_R_2

Mojisola wrote: »

Does he have parental responsibility? If so, then decisions about their future will be made by him.

Yep he has PR. And I can completely imagine if anything did happen, he would use his PR to decide DDs would go to my parents anyway so he wouldn't have to shoulder the responsibility:rolleyes:

Must check out situation more in depth.

Jo_R_2

17Dave wrote: »

The only legal way to appoint guardians for children under 18 is through your will.
Otherwise social services will be involved.
Get control make a will.

I understood that no matter what was specified in a will (eg if I stated I want my DDs to live with my parents should anything happen), that the parental responsibility of their father would override this?

seaweedstu

Hi there

What happens if there is no Will but still some credit card bills and a mortgage to pay?

My mother passed away over xmas had some cards and a mortgage with my Dad. She did have payment with some cards but not the others. Also, my Dad is retitred so can just about cover the mortgage but not the cards.

Can anyone help?

Pee

wknigh14 wrote: »

Just used the link to check the government website for further info - and it hasn't even been updated with the new rules yet. Typical!

Does anyone know if the new rules apply to an ongoing dispute over inheritance, or just for people who pass away without a will after the new rules come into effect?

It will not apply to estates of people who died before it came into force.

Pee

seaweedstu wrote: »

Hi there

What happens if there is no Will but still some credit card bills and a mortgage to pay?

My mother passed away over xmas had some cards and a mortgage with my Dad. She did have payment with some cards but not the others. Also, my Dad is retitred so can just about cover the mortgage but not the cards.

Can anyone help?

If you write to the card companies with a statement of the estate and tell them this does not include the house which your father is living in, you may find that they will either write off the debts or they will come to an arrangement with your father such as five pounds a month. Worth a try. Technically the debts should be paid before the house passes to your father, and the creditors have a right to force the sale of the house if they are not repaid but I think they are unlikely to want to go down that route.