Preparing for the worst - please only read if you have something useful to add

[helpthismama]

Don't mean to scare monger at all but preparation helps me to feel in control. And these are things we really should've dealt with before tbh - covid has just brought it home that bit more.

I have two young children 3 and under, we haven't got round to sorting out wills etc so we've had a chat today about basics. How each other would financially cope if the worst was to happen. We need to discuss who we would want the kids to go to.

I also want to write down medications / doses for my kids as both have health issues and their rough routine as I would want them to be as comfortable as possible.

I'm trying to think if I owe anyone any money

Anything else?

Thanks for the thread, too. It's given me some suggestions for things I'd not thought of for my DC.

Watching with interest

I’d like to add,

A letter to each child about how much you love them and how much you want them to grow into successful adults who are good humans and that this was the most worth it purpose in your life

This is actually very useful. I need a will. I also feel like I can't die before I have sorted my 25,000 emails in my inbox 😂

GreenFingersWouldBeHandy

"would the mortgage etc be put on hold until things were financially resolved

Nope. Also all debts in your name (if you owe any tax or if you have any credit cards etc) automatically pass to your next of kin. They are not written off."

In the UK your debt doesn't pass to your relatives. It is debt against your estate and should be paid from any assets like the sale of your home or savings. If all assets are exhausted and there is still debt it does not pass to your relatives.

Exceptions would be joint debts like a joint mortgage. As both parties are jointly and separately liable it would pass to the other person.

Thanks for all this, I’m quite organised but this thread has prompted me to write a long list of things to do this morning.

When DS1 died he had a small amount outstanding on his credit card. We were lucky that the advisor at his bank ( we had to take the death certificate in) told us we did not have to pay it off.
We did, however, get a horrible letter from HMRC 6 months after he died because we didn't realise that DH ( as executor) should have filled in a tax return. That was a nasty shock, so worth knowing as a threatening letter and a fine isn't helpful when you are grieving.
So national insurance/ tax paperwork should probably be in a safe place with a copy of the will.

@endofthelinefinally 💐 sorry to hear of your ds x

Thank you.