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As a proper grown-up, what legal documents/arrangements should we have in place?

(5 Posts)
Minceybits Tue 29-Nov-16 21:12:39

We are married and have a joint mortgage and life assurance, but no will. About to embark on getting this sorted, but I was thinking what other things should we have in place?

I guess we have to allocate guardians for dcs and a future plan for their financial security.

Do people have separate power of attorney documents so that if incapacitated they can manage partner's money? Or is that usually included in a will?

Do you have a living will, funeral requests, organ donation etc? What about pensions? What kind of insurance do you have - critical illness, etc (what are the other options)?

I realise we should have had this sorted a long while ago, but trying to sort it now.

OnceMoreIntoTheBleach Tue 29-Nov-16 21:16:26

Watching with interest as I'm having a paperwork/finance blitz post divorce smile

MrsBertBibby Tue 29-Nov-16 22:10:47

Lasting Power of Attorney will cover either of you being incapacitated. Also the "living will" aspects if you want that. Your wills can include guardians for the kids.

Critical illness or income protection are a bit more of a luxury. I suspect income protection is a racket, but critical illness might be worth looking at.

bojorojo Tue 29-Nov-16 23:57:18

A plan for financial security needs to be done if you wish to pay them money in advance of your death and certainly if you have a large estate and you wish to try and reduce death duties. You do not say if you are married, but this makes a big difference. You say "partner" so you need to be aware of the difference marriage makes. You each make a will. We do not have lasting power of attorney given to anyone but we would if we were older. We have a joint bank account so both of us can access money. As a spouse, we can discuss each other's care if we get dementia. If you are not married, lasting power of attorney is something to explore because you need to know what your rights and responsibilities are towards each other.

We have pension arrangements. If you are not married, you can often nominate who gets any death benefit should the pension holder die. Have either of you done that if you have a pension? If you don't have pension arrangements, start them. If you are not married, equity in the house may not go to your partner should you die. State that you want this. Put it in joint names.

I do not have a living will, but I think these can be useful. So if you want a cremation, a particular hymn, non resuscitation, etc, write it down. Carry a donar card and tell your family your wishes so there is no argument should the worst happen.

We don't have critical illness insurance. DH is self employed but the payments for his income were huge. We would sell the business and house. Most people we know do not have this but you could look at it.

MrsBertBibby Wed 30-Nov-16 07:46:21

OP's first three words are "We are married!"

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