Need help RE wills for me and DP, and life insurance!

[likelucklove]

I'm trying to sort out finances in the worst case scenario, and need help please.

Me and DP want to write our wills. This wouldn't involve a lot of money, but the main concern is for DD. We have discussed with DP's brother that we would like him to look after her is anything should happen to both of us. How do we word it? And can we set out certain 'conditions', such as a non-religious upbringing and schools?

And life insurance - where do I start? DP has his through work and is really good, but I need it with critical illness. My debts total about £7k at the moment but I am paying them back. How much would be realistic to leave to help support DD, sort out costs of funeral, and to help make life a little easier?

I'm a 23 year old, non-smoker btw. DD is 9 months old. There is quite a family history of cancer, heart attacks and strokes (hence the CI cover too).

Any help would be much appreciated. TIA!

[IwishyouaMerryChristmas]

Watching with interest - we're in a similar position and I have no idea where to start!

[mumblechum1]

Hi, I'm a will writer and have an advert over on the Small Business Section of Classifieds (running a special NY offer at the moment).

OP, the guardianship clause can be as simple or as detailed as you like. In your circumstances, I suggest that you specify your wishes regarding religion in a separate letter of wishes, although if you prefer, they can be included in the will itself. The reason I suggest a separate letter of wishes is that the likelihood is that you and your DP will not die until your DD is well into adulthood, and so bearing in mind the fact that the will is a public document after your death, it may be inappropriate to have certain information there in black and white which may have been better expressed in a private document. Also, you can change a letter of wishes whenever you like, rather than having to go to the expense of changing your will.

Your life insurance falls outside your estate for inheritance tax purposes, and you need to ensure that you have nominated the correct people as beneficiaries (check your policy).

Normally, people leave their estate to one another, and then on the second death, the joint estate passes to the children. If the children are under 18.21/25/whatever age you choose, then the money is held in trust BUT the guardians can access it with the trustee's approval, so that the childrens' maintenance comes from the trust fund and the guardian isn't out of pocket.

After the guardianship appointment lapses (at age 18), the money can still be held on trust for a while (I normally recommend 21), and the children ask the trustees directly for whatever money they need.

Sorry this is so long, but the main message is that you don't need to specify figures in your will, as you have no idea when you are going to die or how much your estate will be worth.

Please feel free to PM me or contact me through the advert on Small Business Classifieds