What would happen if we don't have a will?

[snowydrops]

Ok, so I have been trying to get a will sorted for me and OH (we are engaged but have been for ages and yet to set date!) for a few months. Mortgage advisor said to me 'you definitely need one' but I have just been trying to sort it online and I'm actually not too sure why we need one...

So we have a house (joint ownership equal)
2 DCs both born after 2003 and his name on birth certs
I have some savings so that I can see is the only issue? It's not much anyway but assuming would go straight to my children if i died and not to OH?
He has nothing savings wise
Car is in my name (what would happen there?) but not worth much
V V little in terms of material goods, anything we do have is 'tech' equipment through our joint Ltd company
Both have life insurance through work with each person named as benefactor

How would we benefit from will other than ensuring the car / my savings would go to him? Surely parental responsibility would pass to him if I died and so would house as jointly owned??

I realise that it's useful to have in case we both died but tbh we would want it all to go to our kids in trust anyway (which I believe is what would automatically happen).

Am I missing something?? I probably am!

[Collaborate]

1. Your estate will not devolve as you set out above.
   
2. Parliament may change the rules anyway.
   
3. Your kids would be able to spend all their money on drugs and alcohol when they reach 18.
   
4. He couldn't deal with your estate until he gets probate through the courts (takes a few months) - unless a will appoints him executor.
   

I could go on, but isn't that enough?

[aginghippy]

Just to add to Collaborate's point 4. If you died, he would be a bereaved widower, caring for 2 bereaved children. It would be an emotionally difficult time for him, to say the least. In that situation, wouldn't you want to make things as easy as possible for him?

[cdtaylornats]

If you both died, who would look after your kids inheritance until they were 18? What happens to your half of your company?

Go to a solicitor and get joint wills made up it doesn't cost much.

[MarlowWills1]

Also, if you both died, who would look after the children?

[snowydrops]

Yes don't worry I'm on the case, was more out of curiosity I was asking. I've been using an online legal service so have written them but waiting for approval to say if legal or not.

Good points raised here though so thank you!