Question about wills and what our children would get if we don't have one....

[Ellaroo]

A quick question for you: DH & I don't have a will yet (we are going to get one done up in the next couple of weeks), but in the meantime wanted to know what would happen to our house/money etc if we don't have one and both of us died at the same time. I thought it would automatically go into trust for our children or whoever was looking after them but dh thinks that if we don't have a will then the state gets a share of the house/money first - does anyone know where we'd stand with this. Thank you!!!

...bump...does anyone know this???

How strange, we were discussing this today. I am no expert < and am going to look into it asap> but do know that if a man and wife die together.. then the estate groes from eldest spouse to youngest spouse , and then I assume to baby.

I really do not know about the technicalities but will be interested in the answer.

I do not understand why the state would get a share of the money though? Do you mean tax? the Inland Revenue will get 40% of the estate

ie if you die and leave house/cash of £300k, then £285k tax free and the government then gets 40% of £15k...

Have a look on google or something. I am an accountant so know tax bits but do not know the legal technicalities

Asked DH who specialises in this area of law.

Money would go to the children in equal shares when they reach the age of 18
Until them the money is held on trust
This money could then by accessed by the trust administrators - someone appropriate would have to apply for letters of administration - best gained through a solicitor

I know it goes to the kids but there will be iht on the estate over £285k. Think thats where it could get complicated with regard to paying the bill, house being sold etc. Suggest you google law society or similar.

Just had our wills re-done. Ok when one of you dies as all passes to the other tax free but its when the second one dies that they are often worth a lot more and could fall into the iht trap (especially with the house prices these days and if you have a big lump of cash in the bank from policies paid out etc).

We didn't worry so much about all that, its more about who you name to become guardians of your children if you die. Much more important!

we have just had our wills done, so i know this is true, if you both die together the younger of you is classed as dying last some strange, legality from yeras ago, therefore, guardianship of your children and sole beneficiary would be the youngest next of kin so usually your mum or dad etc, this is why we did our will as i am the youngest with a totally incompetent mum who is uncapable of looking after herself let alone her grandchildren

Guardianship is not straight forward in that even with wills, it is not legally binding. Other people can look for guardianship and it can go to court to be decided if family/friends cannot decide for the best. The courts will then decide what is best for the children, even if that goes against your wishes - although your wishes if ina will will be seriously conidered first.

we have got round this as well by naming guardianship jointly with solicitors names so therfore a court will not fight the solicitor