If I have no assets do I need to make a Will?

[onetiredmummy]

Just that really...

Due to a long story & an idiot ex husband I've just had to declare bankruptcy, so I have no car, am renting a house & have no savings. So if I die there will only be personal possessions left & none are very valuable.

I have divorced exH & now live with my partner & my 2 dc's. In the event of my death should I stipulate somewhere that I want my children to remain with dp instead of exH (as he is in rehab for alcoholism & I left him due to drug addiction). Is it even possible for them to live with dp when they have a living biological father?

But if I have no inheritance to speak of & legally the children have to live with exH is there any point in making a Will?

I think it's a good idea to make a will because even if you've not got a huge estate, it would still be nice to bequeath some of your personal effects to your children (eg. if you have a special ring or piece of jewellery - irrespective of value - it would be nice to hand it on formally). It is also a good idea to make provision for your children's care - although this will not be legally binding and social services may well have the final word - but at least you can express your wishes. I also think that it is worth having a will in case your circumstances change - I'm sorry that you have had a tough time financially but you may find yourself (however unexpectedly) with more money at some point in the future and it would be good to know that your assets were going to the people you wanted them to go to.

OP, it would be sensible to make a will because statistically, you are likely to live until you are in your eighties, by which time your financial circumstances may be very different, but if you're still living with your partner he will have no right to any of your assets.

It would also be a good idea to make a will appointing a guardian for your children. It is only if there is a dispute, eg your ex makes an application for residence, that the court would be asked to intervene, and if you have specified your reasons for the children not going to their father, those reasons would be considered by the court. The court does, however, have jurisdiction to make whatever order it considers in the best interests of the children so is not bound by your will.

I'm a will writer and have a paid-for advert over on Mumsnet Classifieds (Small Business) as Marlow Wills if you'd like any more info.