if i die soon

justme111

Tx for your replies people. So does anybody know what exactly kind of obstacles there will be if I die intestate versus having had a will done ? Re insurances - I have some by NHS occupational scheme, not sure how that money would help my daughter in case I am not anymore here and whether it will at all. I take it would be held in a trust to which she would get an access once she is 18 ?

sunshinetours

Ask your HR and if in doubt post details of the scheme here and sure someone can advise

As far as will is concerned it simply means you get to choose who deals with your affairs and who looks after your daughter. Who would pay for funeral for example, it makes thinsg clear and unambiguous and takes a lot of stress away from an already stressful situation

Why would you not make one is more the question I guess?

RAS

Since you are not married under intestacy rules everything goes to your daughter. Whoever looks after her would normally have access to that money immediately.

Someone would have to administer your estate - probably your parents or a sibling.

If you make a will you can decide who sorts out your assets and if you want to hold some of the money in trust until your daughter grows up, you can do that.

I assume the NHS stuff you are talking about is the death in service grant. You would need to ask them about it, but I thought the money was released immediately.

justme111

I look after my dad who is 84 , the max he can administer is buying cat food , no way he would be dealing with finances , my mam and siblings are in another country. So the question is whether my daughters dad would be allowed to that money and whether he would be allowed to use it before she is 18.

securityguy

justme111 wrote: »

I take it would be held in a trust to which she would get an access once she is 18 ?

It sounds like you have a death in service benefit. That could well be a lot of money: three, four or five times your annual income is not uncommon, depending on your employer.

It would be held in trust for your daughter's benefit. That means that the trustees could decide that the best use would be to help whoever takes her in buy a larger house, to fund her education, to buy her a better violin if she started playing well, etc, etc, etc. It's not just "stick it in the bank, it's hers at 18/21/25/whatever". The trust has the responsibility to use the money as a responsible parent or guardian would want.

sunshinetours

Make a will leaving money in trust for your daughter till she is 18/21 and no he won't get his hands on it

Don't leave a will then it leaves things more open to chance and hope that the right thing happens

securityguy

RAS wrote: »

Since you are not married under intestacy rules everything goes to your daughter. Whoever looks after her would normally have access to that money immediately.

Not in this case. Death in service benefits aren't part of the estate. The money is distributed by the trustees of the pension scheme, or similar, to whoever they think should get it. Normally the employee will have filled in a form to say who they think should get it, and if that's not available the normal pattern of intestacy inheritance is a good place to start, but the trustees have (pretty much) absolute discretion. So they will in this case pay out the money in what they see as the daughter's best interests. It certainly won't go to an ex-husband free from any control other than a vague "hey, buy her something nice, y'hear?" In the case of a minor beneficiary, they'll either establish a separate trust, or deal with it themselves, but the money has to be used for the beneficiary's benefit in some way.

securityguy

sunshinetours wrote: »

Make a will leaving money in trust for your daughter till she is 18/21 and no he won't get his hands on it

Don't leave a will then it leaves things more open to chance and hope that the right thing happens

If the main asset is a death in service payment, a will is irrelevant, as the death in service benefit isn't part of the estate.

sunshinetours

securityguy wrote: »

If the main asset is a death in service payment, a will is irrelevant, as the death in service benefit isn't part of the estate.

There is a house as well (see original post)

A will should be made as oreviously advised. you are however correct any death in service if that is what it is, will probably be outside estate providing beneficiary forms have been completed

RAS

Sorry justme - trying to post and keep getting thrown out.

Do you want your ex to be able to access the money in your estate and or to be able to access the money in your death in service grant. Or do you want your daughter to get them when she is older?