Intestacy rules would achieve what I want - any point in making a will?

snowleopard61

I hope I'm not asking a question that has been asked many times before;  a search didn't bring up an answer on the forum.
I'm 58 and have two adult children and no spouse or civil partner (or indeed cohabitee). I am divorced from my children's father.  My only significant asset is my house, worth about £250,000 (apart from an occupational pension - I am still working).  In the event of my death I would like both my children to inherit equally.  Is there any point in my making a will?  It seems to me that what would happen under the intestacy rules is exactly what I would want to happen anyway.

I am an only child and this was what both my parents did (deliberately, and at my suggestion).  Everything they owned was in joint names and therefore passed to the survivor, and later to me on the death of the survivor, as they wished.  It was very simple.  But so much emphasis is placed on the importance of making a will that I feel I must be missing something.  Am I?

snowleopard61

PS My only reason for reluctance to make a will is the cost.

pattycake

Are either if your adult children married? Do they have children of their own?  What if one of them (heaven forbid) died before you?  These are scenarios which would be covered in a properly drawn up will.  It really shouldn’t be too expensive to do.  You can ring round for quotes when you ready.

snowleopard61

Neither of my children is married and neither has children.  If one died before me the other would inherit everything, which is also what I want to happen.  Even the "free/cheap" wills mentioned from time to time on MSE seem to require quite a bit of expense - not that I don't want to donate to charity;  I regularly do.  But I get the impression a substantial donation of around £100 would be what was expected?

xylophone

(apart from an occupational pension - I am still working). 

Form of nomination completed if appropriate?

My only reason for reluctance to make a will is the cost.

https://www.lawdepot.co.uk/contracts/last-will-and-testament-uk/?loc=GB&pid=googleppc-will_gb-LastWillT0_aq14-ggkey_diy%20will&gclid=EAIaIQobChMIxKPjncPW6AIVi8jeCh1c6wsXEAAYAiAAEgLsIPD_BwE#.XoyOKVO2nos

If you are going to work, a couple of colleagues could be your witnesses.

pphillips

A will would appoint your executors, specify what you would like to happen to you body and would also deal with who would inherit if both your children died before you.

snowleopard61

pphillips: A good point, although I am happy for either of my children to apply for letters of administration;  wishes for what happens to a body is not enforceable (and I would leave a letter to my children or tell them anyway).  As to who would inherit if not either of my children, I don't really mind - could go to defray the national debt  if that's still the procedure ... it will be very considerable now.    But thank you;  it's worth considering.

xylophone: This is something I really have been intending to do.  Thank you for reminding me.

snowleopard61

I mean, wishes for what happens to a body are not enforceable.

snowleopard61

Oh, and xylophone, thank you for the will link.  Very helpful.

pphillips

Perhaps more important is doing a Lasting Power of Attorney.

Stubod

For a simple / straightforward will you can get proforma and DIY. Just need to get a couple of people to act as witnesses to your signature. Need not cost you more than a few pounds and job done!