Have you all got a Will and appointed Guardians?

[unicorn]

After our near death experience on the M6 (tyre blowout)it has woken us up to the fact that we have neither.
So, we know we must get a Will sorted pronto.. but as for guardians for the kids, we really can't think of anyone who would either be suitable, or would want to take on the responsibility.
Just wondering what everyone else has done?

Re Guardianship insurance, I'm afraid that this is more often than not another con. What most advisers would probably recommend is that you both have adequate life cover (after all, it is more likely that one of you survives, but obviously you may have a severe loss of income or extra expense). If you have adequate life cover then the will should be drafted in such a way that your estate (which is being held in trust for your children) can be used to pay out for their expenses until your children come of age. If your solicitor (though thought you were using a will company?) advises guardianship insurance then it sounds as if your will might not be appropriately drafted?

HTH

We did ours recently and paid almost £700. This included setting up trusts in the event we both die together, lots of what iffing e.g. say one of your offspring dies before they inherit but leaves issue (children) - lots of things we hadn't thought about.

BTW we're not stonkingly rich or anything, but when you add up the value of the house and life insurance, pension death benefit etc you can easily exceed the inheritance tax limit - especially on the second death.

So my advice is USE A SOLICITOR

hmc - DH is forever doing last minute wills for people who are off on holiday abroad. People seem to suddenly panic and worry, then DH has to try and write a will and have it signed quickly for them. He's even had people come in the day before...

We did ours last year just before going on holiday (a month or so before, not hte day before, i hasten to add!). Have apointed one of my sisters as guardian, and my brother in law and two close friends (godparents) as executors/trustess to administer the money. DH and i had 'mirror wills' so exactly the same thing happens regardless of who dies first if we all go in the same accident etc.... It was surprisingly cheap and easy, I popped into a local solicitor on the high street and i htink it was £70 plus VAT or something. Not a lot anyway.