Wills, Lasting Power of Attorneys and Life Assurance/Mortgage Protection

NurseMoneySaver1122

In the past, I have received some incredibly helpful info regarding Wills and LPA's.  However, I found myself reading into it and feeling overwhelmed with considerations such as putting them in Trust to avoid inheritance tax etc, delaying my action!

My circumstance:

- Age 38
- Living with parents, whilst saving for mortgage deposit (application could be anytime in the next year)
- 1 dependent (age 2), considering a second
- In long term relationship (unmarried) with child's Father - considering marriage.
- Have significant savings between us (currently split unevenly between his and my accounts)
- No joint bank accounts

I desperately want to finally organise our Wills, LPA's and Life Assurance, (particularly being unmarried with a child and savings!), but we are "between situations" right now so given the impending changes (buying a home together, maybe an additional child, potential marriage), should we wait until we're in our home at least?  e.g. for life assurance, it's hard to assess how much cover we need when we don't know what bills we are paying yet, how much mortgage is etc. 
Would they all become void of we then got married?

Similarly with Wills, we need it in order to express our wishes with regards to who has responsibility for our child and where our savings go when I/we die, but then in under a year we'd need to update it to reflect the mortgage, and if we got married, would that void the will?  

I guess I just want to know how to prioritise which one, and which (if any) should/could be delayed until certain circumstances change?

Brie

I'm sure wills could be organised particularly if they are mirror wills and all a "what's mine is his and his is mine and anything to any children should we both pop off at the same time" kinda way.  Maybe naming potential guardians for kid(s) if you like.  Of course if you are going to be buying a place together and going in with very different assets that you wish to protect in case of a split that is a very different scenario.  If that's the case I'd wait until you know better about getting a place together and how that pans out financially.

LPAs - what difference would it make?  Either you trust him with your life and money or you don't in which case you pick someone else.

Life assurance - that I'd wait til you're organising a mortgage.  Meanwhile check what provisions employers give and decide if you want each other as beneficiary on those and any pensions too. 

Savvy_Sue

Wills can be written 'in contemplation of marriage', although I don't know how far ahead that's possible for.