Money in the event you both die at the same time?

Keep_pedalling

Emmia said:

bobster2 said:

Emmia said:

Without a will, your estate would be subject to the rules of intestacy - gov.uk has a handy tool to help you work out who will inherit (ultimately without a will and a lack of relatives, it goes to the government)

https://www.gov.uk/inherits-someone-dies-without-will

Someone will also need to apply for letters of administration to be able to wind up your affairs.

https://www.gov.uk/applying-for-probate/if-theres-not-a-will

Yes but in this simultaneous death scenario the rules of intestacy need to be applied to the older member of the married couple's estate first - and then the younger one.

So with no children, you could end up with a scenario where the older spouse's relatives inherit nothing. It all goes to younger spouse's estate - then on to their relatives.

Indeed, but awareness of what happens without a will is important with that caveat.

You're also assuming they're married / CP. If not then they're separate and this process would be followed for each of them individually and they don't inherit off each other.

Only for solely owned assets, joint savings accounts and property held as joint tenants would still end up going to the family of the younger one. Same would apply to a married couple with wills and no children. 

Misha96

B0bbyEwing said:

Just a curiosity / what if question really.

OH & I don't have any wills in place. No kids either. Basis of this was, Googling seemed to say that if I die then it all goes to OH & vice versa but with us very soon going in one of those big birds in the sky it made me wonder - what if it falls out of the sky & we die at the same time?

Statistically speaking yes I appreciate that doesn't happen so often, but let's change it a little & we're driving on country lanes and some idiot who "knows this road like the back of my hand (you've heard it before!)" comes flying around a corner at 90 straight in to us & again we die at the same time.

Point being it doesn't stop me wondering - what if.

So what happens to everything in that event? Personal possessions and money - money in current accounts, savings accounts, investments such as S&S ISAs, SIPPs, workplace pensions (OH has your standard workplace pension like mine but also currently is part of the NHS pension scheme).

Where does all that go?

I have 1 parent, 2 siblings & of that one sibling has 2 kids.
OH has 2 parents, 2 siblings & of that one sibling has 3 kids. 
All kids under 18. All siblings older than 18.

Again - we have NO will in place, and also no time now to sort one with the time that's left between now & departure. 

I'm assuming you are both terminally ill and don't have long enough to see a solicitor, though Macmillan can be very helpful in such circumstances. A "home brew" will left with executors is better that this situation.

Keep_pedalling

Misha96 said:

B0bbyEwing said:

Just a curiosity / what if question really.

OH & I don't have any wills in place. No kids either. Basis of this was, Googling seemed to say that if I die then it all goes to OH & vice versa but with us very soon going in one of those big birds in the sky it made me wonder - what if it falls out of the sky & we die at the same time?

Statistically speaking yes I appreciate that doesn't happen so often, but let's change it a little & we're driving on country lanes and some idiot who "knows this road like the back of my hand (you've heard it before!)" comes flying around a corner at 90 straight in to us & again we die at the same time.

Point being it doesn't stop me wondering - what if.

So what happens to everything in that event? Personal possessions and money - money in current accounts, savings accounts, investments such as S&S ISAs, SIPPs, workplace pensions (OH has your standard workplace pension like mine but also currently is part of the NHS pension scheme).

Where does all that go?

I have 1 parent, 2 siblings & of that one sibling has 2 kids.
OH has 2 parents, 2 siblings & of that one sibling has 3 kids. 
All kids under 18. All siblings older than 18.

Again - we have NO will in place, and also no time now to sort one with the time that's left between now & departure. 

I'm assuming you are both terminally ill and don't have long enough to see a solicitor, though Macmillan can be very helpful in such circumstances. A "home brew" will left with executors is better that this situation.

No, they is only going on holiday and worry about the plain crashing!

noitsnotme

Misha96 said:

B0bbyEwing said:

Just a curiosity / what if question really.

OH & I don't have any wills in place. No kids either. Basis of this was, Googling seemed to say that if I die then it all goes to OH & vice versa but with us very soon going in one of those big birds in the sky it made me wonder - what if it falls out of the sky & we die at the same time?

Statistically speaking yes I appreciate that doesn't happen so often, but let's change it a little & we're driving on country lanes and some idiot who "knows this road like the back of my hand (you've heard it before!)" comes flying around a corner at 90 straight in to us & again we die at the same time.

Point being it doesn't stop me wondering - what if.

So what happens to everything in that event? Personal possessions and money - money in current accounts, savings accounts, investments such as S&S ISAs, SIPPs, workplace pensions (OH has your standard workplace pension like mine but also currently is part of the NHS pension scheme).

Where does all that go?

I have 1 parent, 2 siblings & of that one sibling has 2 kids.
OH has 2 parents, 2 siblings & of that one sibling has 3 kids. 
All kids under 18. All siblings older than 18.

Again - we have NO will in place, and also no time now to sort one with the time that's left between now & departure. 

I'm assuming you are both terminally ill and don't have long enough to see a solicitor, though Macmillan can be very helpful in such circumstances. A "home brew" will left with executors is better that this situation.

Time left between now and departure is referring to their flight!

RAS

The most important thing is to ask each other what they want to happen? As they may not wish the same; one might want everything to go to struggling parents, another to niblings. 

And to use these recent thoughts to do something promptly when they return. And consider what should happen if the elderly parents die first.

Make an appointment now.

B0bbyEwing

Married yes. 

For the one who said I have time to make threads but not a will then having never done one before hopefully you can explain to me how it works. 

I assumed I would need to go see a solicitor but your posts suggests this is something I can do myself at home with nobody else involved? 


And for the one who actually thinks I truly believe that it is highly likely the plane is going to fall out of the sky rather than not - I'm sure you're smarter than that posts of yours suggests. Have a re-read because you've clearly missed the point by an absolute mile.

Edit to say - just checked who made the posts as I was about to edit in and tag them. 

@Keep_pedalling made both of them & they both had a snarky tone. Surprise surprise.

So then keep pedalling, what do I need to do to wrap this all up AT HOME tonight to get the will sorted, ALL questions answered because there will be some & everything all legally sound.

Since you're in thr know & I'm not. 

Emmia

B0bbyEwing said:

Married yes. 

For the one who said I have time to make threads but not a will then having never done one before hopefully you can explain to me how it works. 

I assumed I would need to go see a solicitor but your posts suggests this is something I can do myself at home with nobody else involved? 


And for the one who actually thinks I truly believe that it is highly likely the plane is going to fall out of the sky rather than not - I'm sure you're smarter than that posts of yours suggests. Have a re-read because you've clearly missed the point by an absolute mile.

Edit to say - just checked who made the posts as I was about to edit in and tag them. 

@Keep_pedalling made both of them & they both had a snarky tone. Surprise surprise.

So then keep pedalling, what do I need to do to wrap this all up AT HOME tonight to get the will sorted, ALL questions answered because there will be some & everything all legally sound.

Since you're in thr know & I'm not. 

You haven't got time to see a solicitor and to make a will. Check the intestacy rules I linked to. 

The chance of the plane going down is low, but make an appointment today with a solicitor to sort this on your return. 

Safe travels.

RAS

We've just got a thread on here where a will writer oversaw a will that invalidates the bequest to the sole beneficiary. So don't risk mucking it up.

Make an appointment with a solicitor now for when you return home.

twopenny

Making a will with a solicitor or legal exec can be as quick as 10mins if you are organised and have names, addresses and what you want to happen to your money 
Name of children and grandchildren.
Where your estate would go should any pre deceased you.

I used to be secretary to probate guy and you'd be surprised how many couples do die within a short time or together.
Many assume their money and property will go to their spouse or children and that is not automatic. It leads to huge and expensive problems. It's heartbreaking to see 

If you do something at home remember the witnesses must not be in the document. They must be witnesses to you actually signing the doc.
It should also be stored somewhere fireproof 

B0bbyEwing

Thanks for the responses you three there. 

Not sure what's going on then because Keep_Pedalling (as well as other members of the board in this/the other thread) seem to be saying a perfectly A-OK will can be drawn up in 5mins at home tonight no problem. 

If I can make a post I can make a will after all right? 

But AS I HAVE PREVIOUSLY STATED I cannot get out of work now between now and then to sort anything. Maybe they missed or chose to ignore than part - hence the caps this time. 

You three sound much more believable though so thanks. 

And as I've just stated in the other thread, no I don't think I'll fall out of the sky. The flying was just the trigger which made me think hang on I need to get something sorted here & sooner rather than later. 

But if people choose to make something out of it then whatever makes them feel like better people.