Nomination of the Beneficiary

Thrugelmir

zagfles wrote: »

I know people always go about the scenario of you both dying together but that's actually incredibly unlikely.

Issue may well be a lack of capacity.

Thrugelmir

zagfles wrote: »

Sounds like most people here have never administered or helped to administer an intestate estate. I have twice, and in both cases it was more straightforwards than had there been a will.

With a will, the executors can at least fulfill the wishes of the deceased. Not just a question of liquidating and distributing the net assets according to legal rules. All sorts of issues can arise. Not everyones personal circumstances (i.e. relationships) are straightforward.

zagubov

If you've got kids you absolutely need a will.

Be aware that in Scotland children have different inheritance rights than England/Wales/NI.

If you have property overseas, you need to check if you need to have an additional will there as well.

zagfles

Thrugelmir wrote: »

With a will, the executors can at least fulfill the wishes of the deceased. Not just a question of liquidating and distributing the net assets according to legal rules. All sorts of issues can arise. Not everyones personal circumstances (i.e. relationships) are straightforward.

Well obviously if your wishes are different to the intestacy rules, you need a will. Issues can arise with or without a will, it won't necessarily be easier with a will, it could be harder.

WorldCitizen

zagubov wrote: »

If you've got kids you absolutely need a will.
....
If you have property overseas, you need to check if you need to have an additional will there as well.

I had conversation with husband, he is surprised (as I was) that we need to have Wills.
He is also surprised that there are so much good people with good advice and asked to tell 'THANK YOU!' to all you forum people! :beer:

We don't have the property overseas at the moment, but have plans to buy in 5-10 years for our retirement.
Will we need to write a Will just for that future property or change Wills what we will have at that time?

DigForVictory

Overseas property needs a relevant to that country's laws & taxes Will.
No point being interstate anywhere!