Do I need to make “will”

[june0707]

Hi,

I have about 200k in my bank accounts. I have 3 children and married. May I learn if do I need to make “will”? If I dont make a “will”, what happens? If I die my husband or my children can use that money or not?

Many thanks

@SnowAndIceLobelia Can I just ask what the going rate is for a solicitor to administer an estate upon death/deal with probate.

@june0707 you are best having a will written for all the reasons above.

Also think about what would happen if the unthinkable happened and all of you were to pass away at once, who would you leave money and assets go in that instance. We made sure to think all scenarios through so we could ensure money would go to the family we chose as there are some estranged family members we wanted to ensure wouldn’t inherit in that situation.

Just to add though that marriage invalidates a will. So if you are going to get married then you ought to be sure to make a new will afterwards, or make a will beforehand which specifies in the will itself that it stands upon marriage. (I am talking about England and Wales).

Also- anyone who separates should make a new will as quickly as possible so that if you die your wishes (which may well have changed) are catered for.

@Piester - you say your wife is a solicitor but not in this area... If her firm has a probate department it might be that part of her employment terms are that she gets wills done by them without cost. At least that is how it is at my firm and how I got my wills done. But in any case we charge such a small amount for straightforward wills-that it is really silly not to get one done anyway. Less than the cost of a mere month's worth of council tax!

Hi @Toooldtoworry I have no idea I am afraid!! I will ask around next week but our firm tends to deal with quite small estates - most usually under the inheritance tax threshold.