What happens to dc if single parent dies?

[reallemonade]

I'm a single parent, two dc. Never married but their dad on birth certificate and sees them every week so assume he would be given custody if I died (I agree with this).

I'm wondering what would happen to my 'estate' though? I assume as I'm single, my dc would inherit it? I have a mortgage and some equity, so they would receive the equity if my home were sold?

I work FT and they are named on my pension/life assurance. But would all this be given to them at 18?

I know I ought to write out my bank account, pension details etc as no one else knows them, also write a will. But is a will necessary, as surely the law would give anything I own to my children?

I think this website is helpful:

www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/

My understanding though is that without a will, the whole process takes longer due to the intestacy process.

Assuming your children are under 18, who do you want to look after the money for your children until they come of age? That's the sort of thing that's handy for a will.

Also, you can include a letter of wishes stating you want your children to go with their father, just in case your family eg feel that they should be with them.

Unlikely situations, but a clear indication can save a lot of problems and heartache should the worst happen.

Ah thanks, seems to confirm my children would inherit, but only given at age 18. Not sure who the 'trustees' would be. May be I need to write a will that states who I would like as a trustee...

Yes you do need to write a will. Appoint trustees and guardians in case there Dad isn't around.

Make a will
Your parents will have an equal right to the estate as your children
Even any siblings of yours could have a say

You also might wish to consider a mechanism for delaying unfettered access to the money at 18.

IE whilst the fund left could be used for things such as uni etc, you may not want to have your dc having uncontrolled access to tens of thousands of pounds at 18, coz, well, some 18 year olds are often not emotionally mature enough to deal with large sums of money.

So the trust would continue until they were say, 25, and up until that point they would have to get trustees approval before accessing the money.