Do i need a will (single person)

Panda78

Hi All,

I'm 35 and single. Just bought a house with 15 years left on the mortgage and have about £23K of savings left.

As i have no partner or children, i'm wondering if i need a will? What would happen to my assets if i were to die? My parents are divorced, so would they get 50/50 each, or would just my mum be considered next of kin and receive the full amount?

Thanks for any advice.

BitterAndTwisted

If you have assets then you need a will if you care about who will inherit. If you were to die without a will then intestate rules apply but they differ depending on where you are: E&W, Scotland, NI


In E&W even if your parents are divorced they will inherit 50% each

SailorSam

You definitely need a Will.
The chances are your Mum & Dad may die before you so you need to write something about what's going to happen to your fortune then.
You'll have distant relations all coming out the woodwork when you may prefer everything went to the local Hospice or Dogs Home.

Panda78

BitterAndTwisted wrote: »

If you have assets then you need a will if you care about who will inherit. If you were to die without a will then intestate rules apply but they differ depending on where you are: E&W, Scotland, NI


In E&W even if your parents are divorced they will inherit 50% each

Thanks. Well i definitely don't want my dad getting 50%, since he put about 0.01% into raising me!

BitterAndTwisted

Do you have any siblings?

Panda78

BitterAndTwisted wrote: »

Do you have any siblings?

One brother and two half siblings, who i am just as close to.

InsideInsurance

Panda78 wrote: »

Thanks. Well i definitely don't want my dad getting 50%, since he put about 0.01% into raising me!

So there you go, you've worked out you do need a will

Ideally make it comprehensive so you dont have to go changing it every few years etc by stating your wishes should one (or all) of the beneficiaries dies. EG 100% to mum but if shes dead then equal split to 3 siblings etc

SailorSam

If you look around the Internet there are often times you can get a Solictor to draw up a will for free on condition you make a donation to charity.