What would happen if i died?

SuzieSue

Caleb11 wrote: »

Can i just write a will or does it need to be done through solicitor?

You can buy will packs from the likes of WH Smiths, but as you have a young child, it would be best to see a solicitor as you need to make provision for what would happen to your child if both you died.

RAS

Caleb11 wrote: »

Ive got a mortgage advisor so Ive to go in in a few weeks so ill ask him then. Thanks

No - they make a mint selling your expensive deals.

Go over to the insuance section on here and get advice about comparison sites.

You need building insurance from the time of exchange, so research that.

You do not absolutely need a will but you need to think about the competing demands - if you want to pay your parents back for the deposit, get a term life insurance for that value with them as the beneficaries. Otherwise the house might have to be sold to pay them and your son loses out?

Make sure it is term insurance and not whole life cover.

SuzieSue

RAS wrote: »

You do not absolutely need a will but you need to think about the competing demands - if you want to pay your parents back for the deposit, get a term life insurance for that value with them as the beneficaries. Otherwise the house might have to be sold to pay them and your son loses out?

Everyone needs a will unless they don't care about the stress and heartache not having a will will cause their loved ones.

Caleb11

thanks for all ur advice. ill look into sorting out a will. obviously i want any money going to my son but not so sure what will happen until he reaches 18. had a look on the comparison site and it all comes to around £20 for contents buildings and life cover does that seem about right?- that was the cheapest ones

Mojisola

Caleb11 wrote: »

Can i just write a will or does it need to be done through solicitor?

It doesn't sound as if you know a lot about wills so it will definitely be worth you paying to get one done. You need to protect your child's future and will probably want to make sure your partner will be okay financially as well as pay back your relatives - too complicated for a homemade will!

Caleb11

Mojisola wrote: »

It doesn't sound as if you know a lot about wills so it will definitely be worth you paying to get one done. You need to protect your child's future and will probably want to make sure your partner will be okay financially as well as pay back your relatives - too complicated for a homemade will!

Yeh i think ur right. how much is it to be done professionally

Mojisola

Caleb11 wrote: »

Yeh i think ur right. how much is it to be done professionally

It will vary around the country. If you can get someone you know to recommend a solicitor, go with that, otherwise phone a few firms and ask for an estimate.

G_M

You need a will and so does your wife. Both wills should cover what happens if you both die. Car accident? Who becomes responsible for your child? You'll need a Trust set up, with trustees. Do NOT use a WHSmith home-made will!

Life insurance is payable monthly and pays out a lump sum if you die (so that your mortgage can be paid off for example). But you probobly need to consider more than that. Your wife would be left with the child and no income, so need more than the mortgage paid off...

There's a discussion on wills here - but note that the OP in that case has no kids /wife so much simpler will than you need.

Other insurance? Some of the below:

* Redundancy?
* Critical illness (eg you cannot work due to cancer or an accident)
* Buildings
* Contents
* Health
* Pet

DVardysShadow

Caleb11 wrote: »

What would happen if i died?

• Then us'll ha' to bury thee
• Then t'worms'll come an` eyt thee up
• Then t'ducks'll come an` eyt up t'worms
• Then us'll go an` eyt up t'ducks
• Then us'll all ha' etten thee
• That's wheear we get us ooan back