If I die who gets money from mortgage insurance?

Wh05apk

rhodesRocks wrote: »

What is best/quickest way to do wills?

Technically anyone can do a will, but solictors love them as they normally get involved afterwards picking up the pieces.

Solicitors often have cheap deals on, a basic mirror will leaving everything to each other, then the kids, should not be much, but if you start getting power of attorneys drawn up, and the solictors as executors it can cost a small fortune.

I would avoid using your banks, who will often do them for free, but they then act as executors, which could cost you upto 10% of your estate.

Wh05apk

getmore4less wrote: »

You need to decide what you want and think through the senaioes not something to rush.

The key ones, individual death and multiple deaths

If you travel together all going at the same time is a possibility so you need to have a fall back if you don't want mum getting it.

There is will aid next month so now is a good time to get theings moving.
http://www.willaid.org.uk/

Great find, this is the sort of thing I was thinking of in my post, might even get mine done!

kingstreet

Was there a reason for buying the property as tenants in common? Did you want your share on death to pass to someone else?

It should have been done as TIC with a will to ensure it goes to the person you desire or done as a joint tenancy if you want it to pass to the survivor.

On the trust issue, I'd get the forms and do it myself. It's pretty straightforward.

DVardysShadow

rhodesRocks wrote: »

Three kids in total, youngest with partner. Eldest is nearly 19, would she be my next of kin?

Is it important? You know what you want to happen, so do a will to make it so. The law on next of kin is there so you know what will happen if you do nothing. If you want a particular outcome, write a will to ensure that it is sorted out in a way which you are happy with,

rhodesRocks

kingstreet wrote: »

Was there a reason for buying the property as tenants in common? Did you want your share on death to pass to someone else?

It should have been done as TIC with a will to ensure it goes to the person you desire or done as a joint tenancy if you want it to pass to the survivor.

On the trust issue, I'd get the forms and do it myself. It's pretty straightforward.

I've got it the wrong way round, it's not tenants in common, it's the other one where we are both EQUAL I want the house to go to my partner and then when he goes the kids will share it 3 ways.

kingstreet

So it's a joint tenancy? If one owner dies, the property automatically passes to the survivor.

notisis

Don't forget Will Aid to get a free/cheap will drawn up. Also look out for local charities offering similar schemes in the hope they raise some funds by you leaving them something in your will (there's no obligation) or making a contribution in return for the will.

Just read Getmore4less's post! Great minds!