will writing is it required in my scenario?

everfor007

i guess my case is simple, having a mortgage home with life insurance covered, pension and invested my saving in share's and some money left in bank account. After my death, i want to pass everything to my wife, as my kids age is less than 8 years.  My understanding after death automatially right will pass next to kin, in my case it's my wife.   is it required to write the will in my scenairo? 

elsien

Nothing to do with next of kin which has no legal meaning. You need to check out the laws of intestacy  because that’s what applies to people who don’t have a will. You also need to consider other factors such as whether any property is owned as joint tenants or tenants in common etc. Otherwise if your estate is worth more than 270 K then it won’t all go to your wife; your children will also inherit.

https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/

Keep_pedalling

Your understanding is only partially correct, if you died intestate your wife would inherit all of your estate unless it exceeds £270k in which case she would only inherit 50% of any amount over that limit and your child would inherit the other 50%.

Mojisola

everfor007 said:

i guess my case is simple, having a mortgage home with life insurance covered, pension and invested my saving in share's and some money left in bank account.

After my death, i want to pass everything to my wife, as my kids age is less than 8 years. 

What would happen to your child if you and your wife died in the same accident?

Who would you hope would raise your child?

Who would have control of their inheritance?

A will isn't just for distributing money.

RobM99

Mojisola said:

everfor007 said:

i guess my case is simple, having a mortgage home with life insurance covered, pension and invested my saving in share's and some money left in bank account.

After my death, i want to pass everything to my wife, as my kids age is less than 8 years. 

What would happen to your child if you and your wife died in the same accident?

Who would you hope would raise your child?

Who would have control of their inheritance?

A will isn't just for distributing money.

Exactly this. It's a morbid thought but you have to consider it.

everfor007

Thank you everyone for the inputs, defintely i'll arrange the will.  Just i've searched the online will writing service offering around £19.99 and some service like farewill.com charging £99 ..  does anyone done online will writing? 

Final question, my finance scattered across various entities i.e shares, banks etc will it possibe to mention in the will as generic statement, whatever the finances i hold after my death, my wife is owns its? or it has be indetailed ?

Alphatauri

1. Please go to a solicitor, yes it cost more but it’s important to get it right.
2. Unless you want someone to have something specific e.g. watch, jewellery, heirloom etc. you can just state you leave your estate to NAME. 

3. Consider what happens if you leave it all to your wife and she remarries, she is free to leave her estate to her new husband. You can leave your estate to your child with your wife having a life interest.

cymruchris

Definitely go to a solicitor - get it right - put it in a drawer/file it online - forget about it.

Likelihood is incredibly low - but what if you, your partner and your child die in the same accident? Where would you want your estate to go then? 

A good solicitor will consider all the variables, and draw together a suitable will based on what you'd like to happen to everything under different circumstances.

With mine - I've left a percentage of my estate to person X, Y, Z. If any of those pre-decease me - then it's shared with whoever is left - and if they all pre-decease me - I've asked it goes to a named charity, with the proviso that if that named charity no longer exists, to one that supports the same/similar cause.

elsien

https://www.willaid.org.uk/

MalMonroe

everfor007 said:

i guess my case is simple, having a mortgage home with life insurance covered, pension and invested my saving in share's and some money left in bank account. After my death, i want to pass everything to my wife, as my kids age is less than 8 years.  My understanding after death automatically right will pass next to kin, in my case it's my wife.   is it required to write the will in my scenario? 

Hi, I don't think your case is simple at all.

Throughout the thread, you seem to have assumed that you are going to pre-decease your wife and child - which may not be the case. Also as others have pointed out, there are many different scenarios to consider. Far from straightforward.

You and your wife should discuss your wills and decide what you are going to put in them. Because then you will be protected too, should she pre-decease you. My Mum sadly died before my Dad and she was younger than him. You never know what is going to happen.

I would also pay to do it properly through a solicitor and not try to do it on the cheap. It's far too important. Best if you go together to do this too. You're married, you need to know that you and your wife are on the same page. (No pun intended.)

Mojisola

everfor007 said:

Final question, my finance scattered across various entities i.e shares, banks etc will it possibe to mention in the will as generic statement, whatever the finances i hold after my death, my wife is owns its? or it has be indetailed ?

Your accounts don't have to be listed in the will - if they were, you'd have to write a new will every time you opened or closed an account.

To make life easier for your executors, keep an up-to-date list of all the places you have money and let them know where this is kept.