Quick question about wills (or lack of!)

[LifeinBlue]

I am married and we have 1 dc.
My husband has a dc from a previous marriage too.
Neither of us have a will (yet).

What would happen if 1 of us died? Does everything automatically go to the remaining spouse?

Sorry if this is a terribly basic question!

Hi, - I suggest you Google "Intestate Rules", that will give you a lot of info. Basically, if your husband dies, you will get the first £250000, and a life interest in half the rest. Both children will share the other half. If assets fall below this amount, I believe that children from previous marriages can still make a claim if the were dependants when their parent died.
If you die first, it will be £250000 plus half life interest to your husband, and your daughter only getting the other half. (I think!).

Go to a solicitor - the assumption that the remaining spouse automatically receives everything smoothly is widely held, and has about the same legal status as "common-law wife" - ie; none!

What if everything is in both our names? Property, bank accounts etc. dh literally has about £500 seperately and I have about the same!

Presume the property is the major amount of money, and that cash and other investments are less than £250k? If that is the case AND you won the property as joint tenants (married couples normally do), rather than tenants in common, then his (or your) share of the house would pass to the other one of you on death, and fall outside the intestacy rules.

You need to consider what would happen if both of you died at the same time. I believe legally the oldest of you is deemed to have died first which assuming your dh is older means his ghalf of your house passes to you, and you then die intestate and under intestacy rules the lot would go to your child which would mean that your dh's child from his previous marriage would get nowt.

HTH

Thanks all. Ok, we need to make wills ASAP!

LifeinBlue, you mention that your husband has a child from a previous relationship; in that case, if your husband didn't make adequate provision for that child, they would have a claim under the Inheritance (Provision for Property and Dependants) Act 1975.

There are various ways of approaching it; your husband could nominate his first child as a beneficiary of a life policy, either decreasing term to cover the period for which he's liable to pay maintenance, but equally he should probably also give him either a specific gift or a share of his residuary estate in his will.

If you're interested, I'm a recently retired lawyer and run my own will writing business for which I have a paid for advert over on the Small Business Section of Mumsnet Classified. I've just renewed the advert today.