Co-habiting advice needed

But it costs no more to include these "exclusions," if you think it necessary.

 

The document containing all of the information is a great idea. A few years ago a close relative passed away and their information was all there - you just had to find it. Mum was digging through paperwork and passing me share certificates that were of reasonable value. They could've easily been lost or ignored.

I lost my father last month and it has spurred mum on to talk about their finances, their wills, her funeral wishes etc. She is also in the process of consolidating bank accounts. They have been subjects that have been skirted around in the past when they should've been discussed, difficult as it may be. Having a single document with a lot of this info populated would help a lot.

 

Everything's in a steel filing cabinet, ICE file (In Case of Emergency), copies of wills, POAs and our house deeds.
We tend to keep a lot of stuff on our computers, yes we back them up on a separate hard drive and memory sticks, but if your wife doesn't know the password..... Or like mine is "computer illiterate..."

 

Yes it is @ricky101. My late mother died two years ago and had done exactly that in her will.

 

I've just found this thread, we haven't made a will, our house is in both our names and we're married and no mortgage. All the bank accounts are in both our names but he does everything online these days. I don't use the computer and haven't got a clue how to get to things.

 

Exactly the same as us @Logan . We're going to do what @Verdun has done
Have a look at the personal file link from @Doghouse Riley ....very good.
Hubs does everything online too....I wouldn't know were to start!! Thankfully our 'boys' are kept in the picture and will know whats what.....
Worrying though isn't it.

 

Thanks @Upsydaisy It's very good.

 

We both did a will leaving most to one child and smaller amounts to grandchildren, but we made excluded our two eldest but did not state that and they would apply pressure to the child who was left most.
The big asset is the house, so could the two eldest contest our wills ( both wills the same ). As the first to pass will leave all to the other, on the other hand when I go there will be an asbestos claim to include as well.

 

@Jimcub yes they can contest your will and do you want them to fight over it when you're both gone? If they get on now, they won't after, it could last for years.

When my father wanted to buy his first house, he was about 40. But our eldest had to be a guarantor so his name was on the deeds. When dad died our eldest had the house, but let mother stay there. But he kept badgering our mother to sell it to him.Our other brother fell out with him and so did I. It took years to bring us back together. Do you want that to happen to your family?

 

You need an "Ice File," (In case of emergency) as we have, where all the necessary details are put on paper so that, in the event of one, you won't need to even touch the computer to access any information you need.

 

Thank you, yes I'll do that.

 

I haven't made a will. I did go to a solicitor a few years ago with the intention of making one but was told I couldn't actually make the will I wanted to, as in my estate going where I wanted it to. It's complicated . So not sure what I can do about it.

 

From my professional knowledge. Making a will has become a real money earner for the solicitors. In general. A person dies and has left no will. His/her belongings automatically go to next of kin.
In the case of 'A' &'B' co-habitating, i'm not sure. Here I would think that perhaps a court judgement would be required so as to determine if this co-partner was actuall the rightful next of kin. This is perhaps an area when a will is important.

As far as I understand it. A written and signed and witnessed, simply say. I John Smith of a givenaddress. Hereby leave all of my belongings to..............................in the event of my demise.

Todays formal wills become more complicated. I Charlie Brown, being of sound mind etc, hereby bequeath my mansion to my eldest daughter.................. Mycompost heap. This I leave to my gardener, the compost heap is a load of crap and so has his services have been. Hence the listing goes on.

I have left evrything to my youngest daughter Amanda. Let them sort it out.