Life insurance and wills

[KentCat]

Hi everyone

I'm pregnant with our first child and I just wondered what people advise regarding life insurance and wills?

I know it's quite a morbid topic but I want to ensure should anything happen to my husband or I that our little one is looked after. We currently still rent so don't have any insurance associated with mortgages.

Any advice much appreciated

My OH and I aren't married, so we put wills in place a few years ago (which felt way more "grown up" than buying a house / moving in / discussing kids!) to protect each other. The person who wrote our will ensured that any future kids were also written in to avoid us having to re-write the wills later.

As we're now expecting, it's worked out pretty well for our circumstances, but it's entirely up to you whether you put something in place for yourselves, of course. As for life insurance - neither of us have it.

Thanks Kikis

Did you put anything in about who would raise your children in the event that something should happen to both of you?

I'm conscious that both our parents are getting on in life, my husband is an only child and my brother has poor mental health and wouldn't be able to cope with the responsibility. Can you include a section on guardianship?

I recently updated my Will after I got married and am expecting our first child. Our solicitors gave us a form to complete that had a section for children, which you leave blank if you don't have them, or complete if you do/want them. You can say who you want them to be looked after by (although I don't think this is fully legally binding, more of a preference, if there is family dispute over it for example- could be wrong though), if you are leaving them money and who would look after their money until they have reached a certain age (18, 21, 25).

I took out life insurance when I first bought my house. I highly suggest taking it out, especially if you have children. Someone I know was recently widowed at a young age and her husbands life insurance has helped out loads, especially at such a difficult time.

Kent we didn't, but in our case I'm an only child anyway and both of my parents have passed away, so I think to cousins etc it would be incredibly obvious that we'd want my OH's parents or siblings to look after kids if that circumstance happened.

Stupidly, when we wrote them, the thing which most concerned me was who'd look after our cats if anything happened to us - how times change!!!

You insure your television, your car, your house, but the most valuable and important asset to your children is YOU! You are their provider, they depend on you.

God forbid that anything untoward should happen, but having money available to provide for your children's upbringing might make it easier for whoever you've appointed as a Guardian in your Will - the person that you think would be ideal might in reality struggle if their own family budget is already tight. It could make the difference between siblings being able to stay together or not. Or a lump sum might be put to one side and then give the children a welcome boost when they reach adulthood.

MumbleChum of Marlow Wills is a MNer who comes highly recommended by many on this site.