Creating a Will - What happens if we don't?

anotheruser

I'm married.
We currently have one child.
We have a house (mortgage), which 95% will be paid off if I did through my employer. We have enough physical cash to pay off the other 5%. 

Thinking of making a will but what happens if we don't? Will everything just automatically go to said child? (he's under 5 at the mo).

Cheers

Linton

There is a standard default allocation of assets on death in the absence of a will.  Assuming one spouse survives they will get most of the inheritance:

See https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/
or  
https://www.gov.uk/inherits-someone-dies-without-will

Robin9

For the money side you probably don't need to but think about the "what if's"  and particularly your child should you both die -  who would you want to look after him and that answer will vary according to his age and the age of the adoptive parents; who would manage the financial trust on his behalf.

Keep_pedalling

It is unlikely that you will both die at the same time. If one of you dies the the survivor will inherit your entire estate unless if is over £270k in which case you child would inherit 50% of everything over £270k. This can cause major problems if your child is a minor, so you should make a will.

Mojisola

If you were unlucky enough to die together, who would administer your estate?

When you write a will, you can appoint trusted people to be your executors.

74jax

anotheruser said:

I'm married.
We currently have one child.
We have a house (mortgage), which 95% will be paid off if I did through my employer. We have enough physical cash to pay off the other 5%. 

Thinking of making a will but what happens if we don't? Will everything just automatically go to said child? (he's under 5 at the mo).

Cheers

One scenario is...
You die, your death in service pays out to your spouse enough to cover 95% of mortgage but they choose not too.... Meet someone else, get married, again no will. They die. It all goes to their spouse..... Your child gets nothing. 

Speak to a solicitor and they run through loads of scenarios, what if both parents die, what you all die etc etc. 

lisyloo

Although both dying at the same time is unlikely is it really worth not writing a will to state what you wish to care for the child?
Whats the big deal about getting a simple will?

bouicca21

Also, supposing you did leave your child parentless, do you want to make provision for a guardian to be able to use some of the inheritance towards the costs of raising your child/ren?