Do I really need a will? I have nothing to leave!! Also life insurance?

[26goog]

Hi there

Hoping for some advice.

I have absolutely no idea about this type of stuff...feel a bit like a silly child :(

I am a single mother to one DC (age 5). I live in a council flat. I have a PT job and survive on that along with working tax credits. I have no assets or savings.

I am being told I should write a will. But I don't see the point if I have nothing to leave my DC? Is there something else I should be thinking about putting in there?

Also should I think about Life Insurance?

I'm in a similar boat, I have life insurance - as a single parent (or any parent!) I think that's super important. Also, I have a document that states my wishes re: what happens to my son if I die. I don't have a will though as no assets (so will read this to see if I should have one!)

We don't have assets but we have done a will. Mainly with our wishes as to what happens to the children if we're gone and then all the insurance etc. Depends who you want to have your children. Not sure of your situation but they would probably automatically be sent to dad? For us it would be grandparents and we preferred my sister.

thanks both

my ex is not ideally who I would like my DC to go to but that is because he was abusive towards me when we were together. I would like DC to be with my parents in the event of my death - but ex has parental responsibility so doesn't that trump my wishes?

MrTumblesBitch (great name BTW) - where do you get life insurance and how much is it per month?

Of course you need a will. You have a child and need to make decisions about their care if you were not here. Might also be worth getting life insurance for their benefit too. You can get a will written free by oxfam I think.

Can I put that I want DC to go to my parents in the event of my death, even if DC father is still alive and has PR?

You have a child you need a will.

A will should be something you write for if you die now and should be updated every 5 years.

If the worst was to happen who would look after your child? More importantly who would you not want to look after your child?

I think life insurance is also important, if you were not around wouldn't you want there to be some money for uni or buying a house?

So glad I started this thread

I have been burying my head in the sand too long.

So, I will google oxfam wills

And I need to sort out life insurance. Can anyone recommend who to go to?

OP

There are lots of life insurance providers, there are also some that combine saving with life insurance, these are not for everyone though.

If you join a cashback site you can actually get money back just from doing a quote.

You can compare insurance policies at money supermarket or at any one of the ones that advertise, go compare or compare the market etc. You should get something for £5 a month, which works out at less than 20p per day

PR is an interesting thing, you can put your preferences in a will but it can be fought in court. You ex would have to go to court and the court would appoint someone to act in the best interests of your child.

Your parents are in a much stronger position if your will states your wishes and you also state why they are the more suitable parent. If your ex has some contact with your child it is probably better to put something about that access continuing.

A judge faced with an ex partner and a set of parents is starting off with them having equal 'rights', a judge faced with an ex and a set of parents with a will is starting from the point of the deceased parent's wishes and your ex would have to prove good reason to change that.

If your ex didn't agree with your parents having ds then the courts would decide what was in his best interests. So it's very important your reasons are noted.

TBH I need to think carefully and speak to my parents about this issue. I do think they are in a better position to take care of DC - they live close to his school (in fact we already live with them), they are able to look after him day to day (retired) whereas ex works full time and lives far away from the school. I believe if DC was left in his care, he would move to his hometown 300 miles away from my parents and family. DC's life would be uprooted.

Thanks so much for this advice, its really really helpful. I have to stop being so childish and sort my life out for the sake of my DC.

I will check out the websites for life insurance

the comparison websites are asking me how much cover I would like...I haven't a clue?!?!

...will try the calculator thingy :)

OK can someone tell me if I have done this right please?

So I took my yearly salary (17,000) and multiplied it by 13 (when my DC turns 18)

I included in the cost of funeral and outstanding debts (6k)

It calculated £227,000 for period of 25 years insurance

cheapest quote was monthly premium of £12.92

OK money supermarket have a calculator but you seem to have done quite a good job working out what you need.

Can you afford 12.92 pm?

I've just had a look for myself (no kids, no dependents so just enough to cover a funeral if I have one) and 'budget' came up with a quote and a free will writing service.
It might be worth your tie to pay an independent adviser (so they are not trying to sell you their products).

For your will think about how you would want that money spent/saved.

Would it be kept in trust for your DS? Would he get it as a lump sum at 18? Would you want your parents to have access to any of it? Under what circumstances?

Do you want him to have an annual amount for birthdays and Xmas?

What about driving lessons?

sorry pressed post too soon.

Maybe you would allow £1000 for driving lessons when he is 17

try to think of the circumstances when you would want him to have some money.

I am in similar position, and have life insurance with legal and general for £13 per month. I think it is for £250,000. I reasoned that if I were to die, this would be enough to help DS get on his feet. Recently found out I also have death in service benefit via work. Worth checking if you do too?

I went to Martin Lewis money saving website, and then through a discount broker called Cavendish online.

So I have life insurance and am officially an adult

So for £9.36:

Life Cover
Sum assured: £221,000 - Level
Term: 13 years

sashh

That is all really really helpful, thank you.

wow, a lot to think about for what's in the will - I have gone from thinking I have absolutely nothing to write in a will, to being overwhelmed with info that needs to go in it (and thought about first)

Really am grateful to you all

I feel like a weight has been lifted

www.simplewills.net/?source=money_saving_expert

looking at doing this...

lots of good advice to be had with money saving expert, congratulations on becoming an adult.

some info on trusts here:

www.saga.co.uk/magazine/money/personal-finance/inheritance/setting-up-a-trust-for-beneficiaries-in-your-will

Thanks Sashh

Will check out that link, just about to pick the dc up. If I get a singular moment this weekend I will look...likelihood is it'll be monday

Glad to help.

Well done! You have done something life changing for your child should the worst happen X

Mumblechum is a Mumsnetter who writes wills. She is excellent, and very reasonable. Website here

NO, I'm not related to/paid by her but I have used her service and recommended several friends who have all been really pleased with what she has done.