what changes practically

rexmedorum

I'm about to get married and have some rather down to earth practical questions:
What changes with regards to inheritance and being able to look after eachothers affairs if we'd be say in hospital and stuff?

I'm basically trying to work out whether I/we still need
- a will (just want it all to go to partner)
- to make a lasting power of attorney?

bubbles0169

i would have thought if you get married you wouldnt need these as it would automatically go to your husband/wife?
id imagine it makes more sense to do these if your not married

rexmedorum

that's what I thought but I just wanted to check

tanith

Have a joint bill paying acc then there are no worries concerning money if in hospital for instance.. whether you need a will depends on your circumstances, are there previous marriages/children you have to take into account? Will are a good idea for most circumstances.. someone will be along with much more info I'm sure.

rexmedorum

tanith wrote: »

Have a joint bill paying acc then there are no worries concerning money if in hospital for instance.. whether you need a will depends on your circumstances, are there previous marriages/children you have to take into account? Will are a good idea for most circumstances.. someone will be along with much more info I'm sure.

no kids, or previous marages or anything of the sort.
We do have a bill paying account but it never has more money then is roughly needed for 1 months bills (so that wouldn't last for very long)

ellay864

I've always been advised to have a will - it's amazing how many people can appear to try to stake claims when no will is made. And some people say that joint accounts can cause problems if one person isn't around to sign - there's other threads on other boards about that

RainbowDrops

Take a ooks at this website:
http://www.adviceguide.org.uk/index/your_family/family_index_ew/wills.htm

Mama_Cat

I would agree, it's always wise to have a will even if there are no other marriages/children involved. I remember reading somewhere that your spouse is not always the immediate beneficiary, especially if there are other surviving members of the family. If there is no will and several people (e.g. other family members, silblings, parents, aunts/uncles) make a claim on the estate, it will go to Probate and this may take several months (sometimes years depending on complexity and number of heirs) to sort out and distribute the estate.

If there is a clear will that sets out the executor of the estate and main beneficiary/ies, this make the process much simpler and quicker.

Powers of attorney are useful if you find yourself in the position of not being able to make your own decisions, such as mental incapacity following an accident. There are two types - health and welfare & property and financial affairs. Again, it's not always automatic that a spouse can make these decisions and companies can sometimes be inflexible in their application of data protection laws. For example, if your spouse were in hospital and unable to make their own decisions over their healthcare, a POA would enable a chosen person (not just husband/wife, but any trusted person) to make decisions for things such as medical treatment. Likewise, a financial POA would allow the authorised person access to accounts, bills (which could otherwise be difficult if the company will only speak to the account holder) or even selling property.

My mum has both POAs allowing me to make those decisions on her behalf, should the worst happen. She is a widow and I am an only child, all her other family live abroad, so would have difficulty with the language. But so there would be no ambiguity or hold up in the process if immediate decisions were needed, she thought it would be best to get them in place.

Try this website for more useful info:
http://www.direct.gov.uk/en/Governmentcitizensandrights/Mentalcapacityandthelaw/Makingarrangementsincaseyoulosementalcapacity/DG_185921

floss2

I would suggest that you both make a will, at the same time, and preferably in November (will-writing month) and also ensure your pension & life insurance & death-in-service benefits are payable to your spouse / civil partner as that can save a lot of hassle.

Mojisola

Mama_Cat wrote: »

I would agree, it's always wise to have a will even if there are no other marriages/children involved. I remember reading somewhere that your spouse is not always the immediate beneficiary, especially if there are other surviving members of the family. If there is no will and several people (e.g. other family members, silblings, parents, aunts/uncles) make a claim on the estate, it will go to Probate and this may take several months (sometimes years depending on complexity and number of heirs) to sort out and distribute the estate.

It's more structured than you imply. Dying intestate does not mean random relations can claim on your estate.

In England and Wales, the spouse will inherit everything up to a certain level, depending on other relations - children, parents, etc. See the details here - https://www.adviceguide.org.uk/index/your_family/family_index_ew/who_can_inherit_if_there_is_no_will___the_rules_of_intestacy.htm

The rules in Scotland are different.

It's always better to have a will to cover all eventualities. What would happen if you both died in an accident? Where would you want your money to go?