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What happens to my assets if I die?

(15 Posts)
Nateismine Thu 21-Apr-16 14:03:06

I'm going through a phase of being extremely anxious about dieing

Nateismine Thu 21-Apr-16 14:08:24

Posted to soon...

...while my kids are young. I have not made a will yet but have an appointment next week. Could someone give me a brief overview of what happens to my assets.

My house is worth 1 million, my business £500,000, I have £150,000 in Isas and £100,000 in a private pension.

My children are 4 and 7. What would happen, who would arrange the sale of my house and business? Do the kids get a bill for inheritance tax? What happens to the money and who looks after if for my children?

Ruhrpott Thu 21-Apr-16 14:10:24

There was a thread on this a couple of days ago with good answers so I will link it here for you

www.mumsnet.com/Talk/legal_matters/2618101-If-you-have-a-Will-and-you-have-children-have-you-left-money-to-their-Guardian-and-or-how-have-you-provided-for-them

Nateismine Thu 21-Apr-16 14:11:09

Thanks, I missed that.

Ruhrpott Thu 21-Apr-16 14:15:50

I would try and think of some (we have four, one is a family member but a solicitor too) trustees before your appointment and ask them if they are willing to do it. You should also think about who you would like to look after the children of you die and ask them again if they are willing before you name them in the will.

Nateismine Thu 21-Apr-16 14:35:40

I was going to post another thread about this in chat. This is my major problem- I don't have any obvious trustees. I'm an only child and it sounds awful to say it but I haven't got any close enough friends that I'd feel comfortable asking to look after my children if I die. I've got 4 or 5 couples that I'd love to look after them but surely this is far too much of an imposition?

I suppose these are the people that I should ask to be trustees. I'm assuming my children would go into foster care, but I could ask these trustees to keep an eye on them? Scary stuff.

firesidechat Thu 21-Apr-16 14:39:01

Where is the children's father? Is he on the scene at all?

He would be their next of kin and most likely to look after the children, unless there is a good reason not to.

Ruhrpott Thu 21-Apr-16 14:41:28

I think there are some (solicitors?) who work as professional trustees but I'm not sure how that all works. We have my sister and Bil and two of my husbands cousins. My children have special needs and therefore the trust lasts for their lifetimes rather than till they are 21.

We also had my husbands aunt and uncle as guardians rather than siblings.

You could ask those who you would like, maybe they would say yes but give them a clear opportunity to say no. It is a big commitment.

firesidechat Thu 21-Apr-16 14:42:09

The best thing you can do is write a will. It won't guarantee that your children will be looked after by the people you nominate, but it may be taken into account.

Your assets would go into trust for your children and their future. I would assume inheritance tax would be payable on such a large inheritance.

Nateismine Thu 21-Apr-16 14:42:39

There is a husband and father but I'm assuming the worst here and we both die. He hasn't got any family members that I'd let near my kids unfortunately so I left him out of my OP.

hesterton Thu 21-Apr-16 14:47:21

I always felt that naming a highly trusted person to decide what happens to the children rather than asking someone specifically to have them made more sense.

If you were unlucky enough to die alongside their dad, the circumstances of friends/trusted family may or may not be that they could care for your children at that actual time. But if you entrust them, they will work with other loved ones to ensure the best possible care at the time.

firesidechat Thu 21-Apr-16 14:50:48

I would advise both of you to make a will as it might set your mind at rest.

Sadly any family members may wish to bring up your children and the decision as to their suitability will probably be made by the authorities (social services maybe, although I don't know that for certain).

I would talk to your husband and try to come to an agreement between you as to who you would like to bring you up your children.

Try not to worry, the likelihood of you both dying while your children are minors is tiny. It's a "just in case" scenario.

firesidechat Thu 21-Apr-16 14:54:17

This might be helpful:

www.thechildrensmutual.co.uk/family-articles/insurance/appointing-a-guardian-for-your-will/

It is the courts who will get the ultimate say it seems.

Nateismine Thu 21-Apr-16 15:02:08

I can't imagine having the 'will you look after my children if I die?' question with any of my current friends- I just feel that I don't have a close enough friendship with anyone. And how do you give them the opportunity to say 'no'. Surely most people would be compelled to say yes even if they didn't want to help? Best option definitely to stay alive!

firesidechat Thu 21-Apr-16 15:09:45

Best option definitely to stay alive!

Best option and by far the most likely option.

I would still talk to your husband though if you have a good relationship. He may have some solutions that you haven't thought of yet and he has equal say in what happens too.

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