Do I need a will?

[lyssie29]

I'm a single mother and I have life insurance just incase. Do I need to set up a will to make sure my children get the money or does it automatically go to them?

It's worth having a will anyway

It would let you appoint a guardian too

Check if your life policy has been written into trust, so that if it pays it the proceeds go directly to trustees for your beneficiaries and not just into your estate. This gets money into the right hands quickly as no probate involved and avoids creating any potential Inheritance tax issues. No extra cost to set this up.

Always

Yes always have a will. You have more assets than just your life insurance. And maybe you want to leave something to somebody else? Also if your kids are young appoint a guardian and someone to help manage the money until your children are of age.

Yes. Have a will. Include who will be guardian to your children if - heaven forbid - you should die while they are young. There are often "free will months" where solicitors will draw up a will in exchange for a donation to charities.

If you don’t have a will whoever is left sorting out your affairs will have a right job to do, probate etc. Having an executor and naming someone to look after your kids will make a huge difference.

Yes,but also put your life insurance in trust to ensure it is removed from iht and the child/ren get it immediately

Thanks everyone will sort out a will. The only thing I have is the life insurance right now as we live in rented accommodation and I have nothing else of value to leave them. I didn't think life insurance could be taxed? I'm terrible with finances though so I'm probably wrong. Will get all sorted. Thanks.

There is a lovely Mumsnetter on here who wrote my Will for me. It cost me about £120. She phoned me to talk through what I wanted and sent me a draft Will which I approved, then a final copy. I just keep it in a drawer with my passport. I think her name is @mumblechum01.

She works for Marlow Wills - she wasn't just some random Mumsnetter!

Life insurance isn't taxed unless your estate is over the inheritance tax limit, as it's part of your estate for tax purposes.

If it's in trust it's part of the lifetime allowance which is currently £1.2m.

I also used Marlow Wills, fab service.

Yes, get a will done. I’ll admit that DH and I only just got ours done last week and DS is 17 and DD nearly 14! (I’m 51). Our solicitor said that he’s always nagging his clients to make wills but most people don’t until their 60s or 70s which really surprised me! I’d been thinking for decades that I needed to make one.

Make a will. Saves any battles if you die.