Any need for a will in a very simple setup?

alcachofa

I've spent quite a bit of time reading through the reasons for why one needs a will and, though they all make a lot of sense, most of them apply to lives more complicated than ours.

For a married couple with no children (and none by former partners, no overseas property, etc etc), are there actually any benefits if we'd both leave everything to the other? AFAICS intestacy laws would do that anyway.

The only benefits I can really see is:
- setting out what happens if we both die (which... I get it, but I'm not as worried about as making sure the other is OK)

- possibly it makes the whole process of inhertance a bit smoother?

Are there benefits I'm missing here? Or am I underestimating the ones I've listed?

Keep_pedalling

I would say that you both need wills. It’s not only dying at the same time you need to cover, there is always the possibility that a surviving spouse may no longer have the mental capacity to make a will when the other one dies. Intestacy rules also mean that whoever inherits when the second spouse dies will be based on who dies first which is not something I would want to leave to chance. 

You should also put lasting powers of attorney in place. 

RAS

Look at the intestacy rules.

In particular that if you go first, only your spouse's relatives will inherit on the second death. Are you both happy that the other's relatives would get everything?

Or would you rather that your joint assets are shared between the two families? And anyone you'd not want inherit, or to inherit more?

Emmia

RAS said:

Look at the intestacy rules.

In particular that if you go first, only your spouse's relatives will inherit on the second death. Are you both happy that the other's relatives would get everything?

Or would you rather that your joint assets are shared between the two families? And anyone you'd not want inherit, or to inherit more?

I agree with this, I'd say it's even more important to have a will in this situation as there are no children to inherit directly. 

Stubod

I would advice you both to make a will. 

Some charities offer to do them free assuming they are simple "mirror" wills and you make a token contribution to said charity??

alcachofa

Keep_pedalling said:

You should also put lasting powers of attorney in place. 

Yeah, cracking on with that already. This is largely an exercise of working out how important all the relevant things to worry about are and tackling them in the right order.

Keep_pedalling said:

Intestacy rules also mean that whoever inherits when the second spouse dies will be based on who dies first which is not something I would want to leave to chance

RAS said:

only your spouse's relatives will inherit on the second death. Are you both happy that the other's relatives would get everything?

Aha! Thanks both. I guess that was an angle I'd missed - and exactly why I asked really. Hmm. That's worth thinking about.

Thanks all! Super helpful responses. I'd stress we definitely are going to make wills, I'm mostly just prioritising here and trying to work out which of the long lists of reasons/benefits/etc actually apply to us.

Keep_pedalling

As none of us know when we will die or if an accident or illness leaves us without the mental capacity to manage our own affairs then making a will and LPAs should be a top priority.

Emmia

alcachofa said:

Keep_pedalling said:

You should also put lasting powers of attorney in place. 

Yeah, cracking on with that already. This is largely an exercise of working out how important all the relevant things to worry about are and tackling them in the right order.

Keep_pedalling said:

Intestacy rules also mean that whoever inherits when the second spouse dies will be based on who dies first which is not something I would want to leave to chance

RAS said:

only your spouse's relatives will inherit on the second death. Are you both happy that the other's relatives would get everything?

Aha! Thanks both. I guess that was an angle I'd missed - and exactly why I asked really. Hmm. That's worth thinking about.

Thanks all! Super helpful responses. I'd stress we definitely are going to make wills, I'm mostly just prioritising here and trying to work out which of the long lists of reasons/benefits/etc actually apply to us.

What are the other things on your "to do list"?

p00hsticks

I would say with no children and therefore no obvious contenders to sort out your estate other than each other, one of the main advantages of having a will is to name an executor who will deal with things, even if you have to resort to a solicitor. With no will your estate - including property - could just be left undealt with if no one thinks it is worth their while to apply for letters of adminstration. 

Brie

p00hsticks said:

I would say with no children and therefore no obvious contenders to sort out your estate other than each other, one of the main advantages of having a will is to name an executor who will deal with things, even if you have to resort to a solicitor. With no will your estate - including property - could just be left undealt with if no one thinks it is worth their while to apply for letters of adminstration. 

The problem for some of us is that our family may be very far away so it's not practical for them to be executors.  And friends may not be close enough or competent in that way.  I've got friends that would do it and would be able to but will they still be willing, able, friendly enough to do so in 20 years time?  I expect that's why some will get a solicitor to set it up and take charge come the time.