if i die soon

justme111

I received a call from some insurance brokers wanting to sell me some of their products and scaring me with stories that if I die the state will take 40% of what I own , solicitor will take 10% etc etc. I am a single mum (have 1 daughter , her father and I divorced), house mortgaged, no life insurance (on a rationale that if I die my daughte's life will not be changed much if she gets mortgage paid , she would be living with her dad anyway and the house would be sold whether the mortgage is paid off or not and I do not see how having additional 120000 in trust on her name would be critically needed) . Do not have a will.
I did not think it was that important to do a will as I thought my belongings would automatically will be inhereted by her . Am I wrong ? Would appreciate as well if you let me know the logistics of it - who will be managing and distributing my assets ?
Thanks a lot , I appreciate silly question and confess I have not done a search on it , being spoilt by forumites as it is easier to ask than to go searching for info myself

Torry_Quine

I would strongly suggest that you make a will.

The call was very wrng though. The state will not take 40% or indeed anything and a solicitor is not needed as you can name someone you trust to be executor.

securityguy

justme111 wrote: »

I received a call from some insurance brokers wanting to sell me some of their products and scaring me with stories that if I die the state will take 40% of what I own ,

Inheritance tax is only payable on the portion of your estate over £325000. It doesn't sound like that is your situation. Making a will would be a good idea, though. You don't need a solicitor to be the executor, provided you have someone else over 18 you would trust to do it.

Life insurance would, however, be a good idea. The money would n't be tied up in trust, and would provide for your daughter were you to die. It's dirt cheap if you're healthy and under fifty.

Mojisola

justme111 wrote: »

I did not think it was that important to do a will as I thought my belongings would automatically will be inhereted by her .

Under the intestacy rules, your daughter would inherit from you but it's much easier if there is a will.

When you write a will, you appoint the people who you want to deal with your estate. Who would do that if you died intestate - parents, siblings?

SuzieSue

Mojisola wrote: »

Under the intestacy rules, your daughter would inherit from you but it's much easier if there is a will.

Agreed, it will cause a lot of hassle for those left behind if you die without making a will. Be careful who you use to draw up the will as anyone start a will writing service so it would be best to use a solicitor if you aren't sure what you are doing ( I wrote my own will using a template so it is possible to do it yourself).

maman

You've had good advice but what worries me is that these dreadful people have put you in this frame of mind.

Take a positive from it in that hopefully you'll make a will and feel better for sorting that out. Meanwhile enjoy life and have a hug.

floss2

Please excuse the shouting but PLEASE DON'T BUY THINGS LIKE LIFE INSURANCE FROM RANDOM COMPANIES WHO RING YOU UP!!!

When I got divorced in 2001, my solicitor was able to draw up a will on my legal aid as part of the divorce but I don't think that's possible now.

I already had term life insurance to cover the period up to when my sons would be 22 (so effectively through uni & graduating). My will stated that if I died this would be held in trust for them, with 2 of my brothers being trustees and the other brother & his wife being guardians in the event of their dad's demise (his will had the same statement in as we finally agreed on something!).

Maybe you could look to have a simple will drawn up to state who you wish to look after your daughter in the event of her dad not being able to?

time2deal

floss2 wrote: »

Please excuse the shouting but PLEASE DON'T BUY THINGS LIKE LIFE INSURANCE FROM RANDOM COMPANIES WHO RING YOU UP!!!

^^^^^^^^^^^^^^
What floss said! I agree.

I would also like to sing the praises of critical illness insurance. I'm not sure what possessed me to buy it last year, but as someone just diagnosed with cancer, it is a huge help.

I have no kids, and the cancer now means if I want kids I will need IVF and possibly a surrogate, and lots of medical support in the future. If I had kids, I would think it is needed even more, as there will be lots of extra expenses with childcare etc. Cancer is simply expensive, combined with potentially loss of income, loss of earning potential, and a bit of a desire to stop wasting your life at work.

So, don't buy randomly from scaremongerers on the phone, but if you do get life insurance, see if you can get one with critical illness insurance too.

sweetme

Like has already been said, it's a 40% tax for anything over £325,000.00. If you do have assets over that amount put them in trust. They can't be taxed then.

meritaten

you can get a simple will form from stationers or post offices.
all you need to write is that you leave everything to DD, name a couple of people you trust to be executors (ask them first!) and get a couple of people to witness your signature. (they do NOT need to see the contents of the will).

I also would disregard what the silly people on the phone said! honestly hun, its a load of rubbish! if you remember the name of the company report them to trading standards - this is not on!

sunshinetours

Yes make a will (make sure its legal)

Yes consider some life assurance either to cover mortgage or some level term cover until your daughter is say 21

No do not buy anything ever from a cold caller oevr the phone and get rid of them ASAP and sign up for TPS if you haven't already and be careful who you give your number to on forms, online orders etc