Do I need a will?

pledgeX

I had a rather morbid thought today and it got me thinking about the fact that I should probably get a will. After a bit of research, I'm wondering if I actually need one. I'm 28 and married with no kids. If the worse happens I want everything to go to my wife.

I believe this is what happens by default if you don't have a will. I have no complicated history, nor does she, so if the default is what I want, is there any reason for a will?

If we were to have kids, then I believe the first 250k of my estate goes to my wife, then anything above 250 is split 50/50 between wife and child. If we had 2 kids it would be split 50/25/25, and so on. Again, if this is what I want, is there any need for a will?

What happens if we were both to die and neither of us had wills? I guess this is where it starts to get complicated...

Keep_pedalling

Your last statement is a good enough reason to sort out simple wills. Even in simple cases dieing intestate complicates things for those left picking up the pieces so that is another reason to have a will in place.

jackieblack

pledgeX wrote: »

What happens if we were both to die and neither of us had wills? I guess this is where it starts to get complicated...

Firstly, remember that anything held jointly (eg savings and property if owned as joint tenants and not tenants in common) passes to the other and is not counted in your estate

Useful tool here https://www.gov.uk/inherits-someone-dies-without-will


Edited as my info was wrong - thank you getmore4less

getmore4less

What happens if we were both to die and neither of us had wills? I guess this is where it starts to get complicated...


The Commorientes rule(oldest first) does not apply to intestate spouse/civil partners.

there is a default 28day survivorship clause

http://www.legislation.gov.uk/ukpga/Geo5/15-16/23/section/46


There are also IHT complications with or without will and the inclusion of survivorship clauses in wills to do with spouse exemptions.(loads on HMRC but not straight forward to get your head round)

time for a bit of google(commorientes intestate are good start) to get a feel for what the law prescribes and take that knowledge with you to make up the wills.

TBagpuss

It would be sensible to make a will, although less essential for you than for those with more complex families.

Quite apart from other considerations, it reduces the risk of any disagreement, it allows you to leave specific mementos to friends or family members if you wish, or to give charitable gifts.

no1catman

jackieblack wrote: »

............
i.e. If you are older than your wife and you die together then her parents will get everything.

So, where no children of your own, do you have any nephews or nieces that you are close to, or cousins?