many thanks. most appreciated.

It would have to be a tragic occurrence that took you both out simultaneously; but you never know a road traffic accident can easily do that.. (heaven forbid).!

A concrete Will drawn up by a reputable Solicitor is the most desirable instrument to combat any confusion over your intentions should the worst happen, along with your written instructions over who you would like to appoint as the legal Guardian(s) to your Children in this horrific event. This person(s) could also be the trustee(s) to make sure your property is divided in line, along with your pre-determined instructions when / how they receive the benefits. i.e. age, conditions, school fees, marriage etc..etc.?

You could also take out life insurance seperately to clearing the mortgage, with this separate policy held in trust for your Children as the direct named beneficiaries. This ensures all the proceeds go into the trust fund for the benefit of your children and do not pass into your estate on death.....therefore are not subject to any Inheritance taxes, assuming your estate was or would be liable for any, or if at all.

thanks conmankiller. i suppose that is what i was hoping to hear ie if both of us(wife and i) should die without making a will, then the property will go to our two children without them paying taxes.

we already have life insurance to cover the mortgage so the rest of the mortgage should be paid off. thanks and we will have to look into making a will anyway.

A person who dies without making a Will or without making a valid Will, dies intestate. The property belonging to such a person is inherited according to a strict set of rules commonly known as the intestacy rules. Instead of the property going to the testator's chosen beneficiaries, it is left to other relatives in a particular order.

If the person who dies intestate has no surviving spouse or civil partner, their estate passes to the following in order:

Their children, subject to the property being placed in trust but if none, to

Their parents, equally if both alive, but if none to

Their brothers and sisters subject to the property being placed in trust but if none to

Their half brothers and sisters subject to the property being placed in trust, but if none to

Their grandparents equally if more than one, but if none to

Their uncles and aunts subject to the property being placed in trust, but if none to

Their half uncles and aunts subject to the property being placed in trust, but if none to

The Crown.

http://www.armchairadvice.co.uk/bereavement/legaladvice/nowill.asp

thanks huckster. we have life insurance to cover the mortgage should the worst happen. i guess the best thing is to speak to a solicitor and get a will arranged.

awuzu2009:. what i am not sure of is what happens if (God forbid) the two of us should die at the same time without a will. do the kids get the property?will they have to pay tax etc. i intend to get a WILL sorted out but want to know what will happen if we were to die without one. any information or links will be appreciated. thanks

I am no legal expert in these matters but this is my understanding from what I have heard/read.

Your kids will get taken into care, until a court has decided on any application by your relatives over their guardianship. I believe the property would be sold and any equity, plus any of your other assets would be put into trust and officials of the state appointed by the court would look after this money until they reached 18. Whether any of your relatives, if they obtain guardianship, could apply to the court for release of these monies, to help bring up your children I don't know. I don't believe they would be subject to any tax issues but a solicitor will be able to advise on this.

So in the circumstances, you should speak to your family first about this and then consult a solicitor about drawing up wills and any other documents that will ensure your children are taken care of, whatever happens. By you speaking to your family this may trigger them to also look into their own positions. Whilst you are considering this, you should also check your life Insurance details, to see if you have adequate cover. Speak to an Independent Financial Advisor if you are unsure.

The following site can help find an IFA or solicitor http://www.unbiased.co.uk/

CAB page on making wills. http://www.adviceguide.org.uk/index/family_parent/family/wills.htm

It may cost you abit in fees and extra premiums on life cover, but what price can you put on ' peace of mind' ? Also your family will thank you if anything did happen.

Huckster

hi everyone,
need some advice. forgive me if i should have posted this somewhere else but was not sure where else to post this.
anyway my wife and i are joint tenants. we have two children aged 10 and 8 but we do not have a will yet.i am aware that as joint tenants, the property goes to the surviving spouse if one of us should die.
what i am not sure of is what happens if (God forbid) the two of us should die at the same time without a will. do the kids get the property?will they have to pay tax etc.
i intend to get a WILL sorted out but want to know what will happen if we were to die without one. any information or links will be appreciated.
thanks