Do we really need Wills?

beedeedee

We have always had simple mirror Wills, each leaving everything to the other and if we both die together, everything to our son.
We took advantage of the Free Wills Month and were almost persuaded into Wills involving trustees etc costing not around £100 in donations as expected but £500+ solicitors fees.
We have not proceeded down this line but are now wondering if we really need Wills at all?
We have a good and happy life but my husband (70) has a terminal illness and I am over 65. We have no debts and own our house, thanks to being careful over the years. We do not fall into the IHT bracket, and when my husband dies I will go and live abroad permanently. Our son is supportive with this. I will have enough income to rent and live well till I also pop my clogs.
Won't the laws of succession apply and our son inherit the house eventually and so would we really need Wills anyway?
What are we missing?

System

I'd like to know too, I'm happy with intestacy rules and have nominated my pension beneficiary, but it probably would make the legal process on death quicker and cheaper - ie maybe less time waiting to see if any unknown extra children make a claim

I have better things to do with the money if i can delay it, investments that outperform the rise in funeral fees too, but i suppose consider care home fees...

zagfles

If you're happy with the intestacy rules then you might not need a will, I don't have one, nor have my wife or parents. You might want to think of situations you perhaps haven't such as what would happen if your son dies before you. Also make sure you understand the intestacy rules, for instance your son could well inherit some of your husband's estate depending on its size.

You'll need to check the rules for the country you're moving too as well.

Yorkshireman99

beedeedee wrote: »

We have always had simple mirror Wills, each leaving everything to the other and if we both die together, everything to our son.
We took advantage of the Free Wills Month and were almost persuaded into Wills involving trustees etc costing not around £100 in donations as expected but £500+ solicitors fees.
We have not proceeded down this line but are now wondering if we really need Wills at all?
We have a good and happy life but my husband (70) has a terminal illness and I am over 65. We have no debts and own our house, thanks to being careful over the years. We do not fall into the IHT bracket, and when my husband dies I will go and live abroad permanently. Our son is supportive with this. I will have enough income to rent and live well till I also pop my clogs.
Won't the laws of succession apply and our son inherit the house eventually and so would we really need Wills anyway?
What are we missing?

Shop around! £600 is double a reasonable amount. You do need a will in case your son predecases you, in an accident for example.

Auntie-Dolly

Suppose you die first & your Husband remarries? I would want to ensure my estate went to my son.

newatc

Another consideration if you leave it down to intestacy:
If the assets of the first to go are greater than £250k your son will inherit half of the excess over £250k on the first death.

I would suggest keeping to your original plan of simple mirror wills which should cost no more than £250.

Just realised Zagfles has already the intestacy issue I commented on.

beedeedee

Thank you all for your thoughtful replies.

Jimmithecat

I've questioned it myself - I've just had mirror wills drawn up my dickens and white (telephone will using mse link £149) just in case.
Clarifies executors and catastrophe clause - where your money goes if all your immediate family perish (though I doubt whether I would care)

Manxman_in_exile

Auntie-Dolly wrote: »

Suppose you die first & your Husband remarries? I would want to ensure my estate went to my son.

I have personal (family) knowledge of exactly this situation. The surviving spouse did remarry and in their new will left everything that should have gone to their children to the new spouse. The children were not dependents so there was little they could do.


This is a problem with mirror wills. But in my view if you trust somebody enough to marry them you ought to be able to trust them enough to do the right thing after you die.


I have a great deal of respect for surviving spouses who do not renege on their mirror wills.

jackyann

Assuming you trust each other to do the right thing by your son (and he is not in any unusual position) then I would agree that you don't need wills at the moment.

However, it would help if the survivor made a will. I am a fan of DIY wills in very simple situations. However 'abroad' can have different laws applying to property that you own there, so I would suggest that you consult a solicitor who understands the law of that country and helps you make a will accordingly.

I hope that your husband's remaining time on this earth is peaceful and that he takes comfort in the plans you have made.

DigForVictory

For the peace of mind of having Wills in place & a clear path for son to follow when the time comes, I reckon £600 may be cheap. Especially if one of us is near terminal.

The whole intestacy palaver is a blimming rocky path compared to following a Will. Executors have an immediate status that family may not have for dealing with utilities etc, plus family grieving. Make it as easy on yourself as possible & nail the departures paperwork ahead of needing it.