New parent: what do I need to arrange?!

[LaTristesse]

Not really sure if this belongs here but I'm that much of a dunce when it comes to anything legal/money related I figure it's a good place to start...

We're new parents and realise that we now need to organize our affairs and make provision for the children should anything happen to us. But what exactly is it we need? (Tou get all the bumpf through about life insurance, wills, investments etc and I'm not sure what we need and what's just fishing for business).

In case you need to know: We are married, DH has the mortgage in his own name, I have a lump sum of cash in my account from sale of my previous house. Joint account for savings only, not much in it!

Any help would be most appreciated!
Thank you!

Wills for you and DH - include guardians for the DC.

We sorted life insurance for both of us after DS1 was born - do you already have some coverage because for the mortgage?

Savings accounts for the DC - useful if you ever have relatives giving you cheques in their name.

We have done all these kind of things since DS1 came along.

Thank you!

We'll get wills sorted. And we have savings accounts for them already (surprised myself at having got something right!). Will check life insurance and the mortgage. As that's only in DH's name I assume I'll need something separate for myself even if he is covered by it?
And what if he died and I'm not on the mortgage - would I automatically get the house as we're married?

If he died without a will, the house would go to you under the intestacy rules as his next of kin, However, it would be wiser it he left it to you in a will.

The amount of life assurance will depend on what the survivor will need to live on after one of you is gone. Probably wise for you to have the same amount so that he can live mortgage-free with DC if something were to happen to you (and vice versa). You may both want to consider cover for an amount greater than just the mortgage if the survivor wouldn't be able to work i.e. if staying home to look after DC.

Just in case you're interested OP, I'm a lawyer and will writer and have an ad over on the Small Business Section of Mumsnet Classifieds.

So far as the house is concerned, assuming that your husband wants everything to go to you (his Residuary Estate), then yes, the house will automatically be included in that.

Perhaps the most important reason to make a will, though, is to appoint a guardian for your dc.

Thanks everyone. I've made an appt for a consultation with a local group called Evolution for Women to go through everything. Hopefully I should be a bit better informed then and can start shopping around... Will definitely look up your ad mumble, thanks!