Its really important you complete a Will. If you don't and depending on how much your estate is worth (life insurance, house etc) your parents might automatically inherit some of your estate and not Karen & the kids according to some Government formula.
You also have to consider if you both died - who looks after the kids etc. If you think your will is going to be straightforward - i.e. Karen and then the kids will inherit then go for a Will pack, it will give you pointers about how to word the Will - you have to consider what happens in a serious accident where you might not both die straight away and how the inheritance would work in this case.
The Will pack is cheap and cheerful and you can consider it a stop gap solution until you get professional advice around tax planning etc.
Once you have written the Will you need to store it in a safe place and tell people where it is - else whats the point.
It is morbid but we all go at some point and you do feel better after sorting things out and without a will it can be a nightmare for the people who are left behind to deal with.
Jake,
Its really important you complete a Will. If you don't and depending on how much your estate is worth (life insurance, house etc) your parents might automatically inherit some of your estate and not Karen & the kids according to some Government formula.
You also have to consider if you both died - who looks after the kids etc. If you think your will is going to be straightforward - i.e. Karen and then the kids will inherit then go for a Will pack, it will give you pointers about how to word the Will - you have to consider what happens in a serious accident where you might not both die straight away and how the inheritance would work in this case.
The Will pack is cheap and cheerful and you can consider it a stop gap solution until you get professional advice around tax planning etc.
Once you have written the Will you need to store it in a safe place and tell people where it is - else whats the point.
It is morbid but we all go at some point and you do feel better after sorting things out and without a will it can be a nightmare for the people who are left behind to deal with.