Is there any need for a Will

Cacran

My husband and me have our own property and have money in the bank, some shares and bonds.
We have two grown up children and a grandchild.
We have not made a Will and are not sure if we actually need to make one.
When either of us dies, we have no problem with the money being shared with the children.
What would happen if we don't leave a Will and what are the benefits of leaving one?

UsernameAlreadyExists

NO WILL = intestate = All goes to partner.
Partner "could" remarry ... kids might lose out.

Goldenyears

You can choose who administers your estate and discuss it with them to get their agreement in advance. A surviving partner may need help from a co-executor. What if you died together, or a few days apart.

UsernameAlreadyExists

Goldenyears wrote: »

You can choose who administers your estate. A surviving partner may need help. What if you died together, or a few days apart.

Same. Intestate, but all goes to kids. that's "better", in a seriously horrible way.

Kore_Arabin

UsernameAlreadyExists wrote: »

NO WILL = intestate = All goes to partner.
Partner "could" remarry ... kids might lose out.

This is incorrect. If you die intestate, married, then your spouse will inherit only the first £250,000 of your estate, plus your personal effects. Anything over this will be split in two. Your children will receive one half when they reach 18 (the age for inheriting is 18 under intestacy; with a Will you can stipulate an age greater than this if you don't want your children getting their hands on potentially £££100,000s at 18 - I certainly wouldn't!)

The other half is held on a life interest trust for the surviving spouse during his/her lifetime, and then to the children.

If you are not married, then a 'partner' inherits absolutely nothing under the intestacy rules, even if you have been together for many years.

Kore_Arabin

In response to the OP, it is often the case with married couples that, even if you have Wills, the Wills are rather irrelevant on the first death if everything is owned in joint names, as it will all pass to the survivor automatically.

However, you can use Wills to make provision to save on IHT (over and above the transferable nil rate band), and for long term care planning, as well as (as Goldenyears pointed out) appointing additional executors, making gifts to charities, including wishes re: pets, personal effects, family heirlooms etc etc (the list goes on)...

I would imagine that few lay people keep up to date with changes in tax and intestacy law. If you don't make a Will, you are leaving the distribution of your estate to the vagaries of whatever laws are in place at the time of your death, rather than expressing *your* wishes.