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What would happen if i died?
Caleb11
Posts: 200 Forumite
Im in the process of buying a house and i have a partner (not married) and a 3 month old baby. My family - mother father and sisters are all still alive. What would happen if i were to die? Im getting a mortgage, so if it was still there would tbey need to pay it or sell it? what if i was in negative equity? if the mortgage is paid off by the time i die would it automatically go to my son? Im in scotyland btw.
Thanks
Thanks
0
Comments
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Is the mortgage purely in your name?
You will need to take out a life policy which will clear the mortgage on your death.
You should also get a will made as well.Estate Agent, Web Designer & All Round Geek!0 -
yes its all in my name but some of the deposit i would want to go back to the people that gifted it to me if i wasnt in negative equity0
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Is the mortgage purely in your name?
You will need to take out a life policy which will clear the mortgage on your death.
You should also get a will made as well.
Is a life policy a sort of insurance u pay every month? Does it pay out on all circumstances? Im only 21 so i know quite unlikley but i just want to make sure my family arent left in debt0 -
If you die intestate, then your son has the first call on the estate. Your partner might also claim if she is financialy dependent on you.If you've have not made a mistake, you've made nothing0
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Get a term life insurance which reduce in line with the reduction in the outstanding debt to cover the mortgage - a few pounds a month.
Once you get past that consider term life insurance for yourself and your partner - how would you cope if she died?If you've have not made a mistake, you've made nothing0 -
Whoever arranged your mortgage should have spoken to you about life insurance.Estate Agent, Web Designer & All Round Geek!0
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Ive got a mortgage advisor so Ive to go in in a few weeks so ill ask him then. Thanks0
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You need to make a will asap. It will make life very difficult for the people you leave behind if you die intestate.
Google "dying intestate" to see the problems it would cause.0 -
Can i just write a will or does it need to be done through solicitor?0
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Also, what other insurances do i need?
-buildings and contents
-life cover
anything else?0
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