So, DH's first wife was killed by a drunk driver when she was 8 1/2 months pregnant.....
DH was also in the car, and injured pretty badly (thrown about 100 feet). This was 1995. This was to be their first child. DH was devastated by the deaths and decided he didn't want to try to have any more children. DH marries BM in 1998, he was 34, BM was 24. BM agreed - no children. Well, two years later, BM is pregnant (anti-biotic excuse), and a year and a half later, along comes skid #2.
Now, my issue is this: DH's first wife had life insurance. A significant amount of money in a trust and DH gets a payment every other year until he is 79.
After DH divorced BM (wife #2), he revised his will so that his mother and sister will be executors of this trust. Now that we are married (one month ago) DH is suggesting revising his will again to include me, and possibly remove his mother since chances are she will pass before him. DH placed me as his beneficiary of his life insurance policy two years ago after we got engaged, so I know I will be well taken care of if something happens to him (God forbid). But this trust money - I just don't know about this........ I don't know if I want the responsibility of this money - to determine if the skids are meeting the requirements of the very detailed document. For instance, if they enroll in college, skids are entitled to "some" money, if they do not go to college, they have to be 25 before they receive any money. I just don't know if I will even have a relationship with the skids if something happens to DH. Not that I wouldn't WANT to, but that BM - she would hate it. But, DH and I agree that BM could not have anything to do with this money, since we know the skids will never benefit from it. I don't know what the right solution is? We are thinking of just having DH's sister and her hubby have control, because she is the Aunt, and we know she will think of the best needs of the skids - and she hates BM just as much as we do. But, my DH also has faith in me, that the money will be used for college, and if there's no college, then it is at my discretion to decide if skids get money and how much. If they are working, supporting themselves, leading productive lives, etc....
This all makes me kinda anxious.... What should I do? I certainly don't want to appear greedy to BM, skids, or anybody else. I just don't want the headache - and skids are young still. When they are older, they may come to hate me and I might just decide to go buy myself a small island somewhere....
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I guess if you don't trust
I guess if you don't trust that you will have a good working relationship, should something like this happen in the future, I suppose his sister would be the best option. It is a huge responsiblity. It shouldn't really matter what BM thinks, it isn't her money to control. It is whatever you and DH are comfortable with.
BSgoinon - yes, you are
BSgoinon - yes, you are right. My skids and I get along pretty great most of the time right now,(10 and 12 girls), but after being on this site for a while.....and reading some of the horror stories, it's scary - the future. And you know what sucks? If something happened to my DH tomorrow, I would still want the skids in my life, and I will have no right to that. The BM may let them come over at HER convenience, so she could go out or whatever...
They have a room here, with some of their favorite things, they go to school in our district (BM doesn't live in our district), their friends are around here, and since I've got custody of my granddaughters (3 and 5), they've developed an extremely close and wonderful relationship with the skids and the skids just LOVE them (they view them as little living dolls), and it would be really hard on them.
IMO, having DH's sister as
IMO, having DH's sister as executor makes sense. If it's already making you anxious, then there is no point in bothering with it.
Twopines - Agreed. I'm a good
Twopines - Agreed.
I'm a good person. I would do the right thing. But money, especially significant amounts of money, can make people insane. Then there's the additional worry regarding my OWN will. If DH is gone, and I'm gone...what about this money? I have my own kids to worry about, and grandkids.
I feel that if something happened to DH - as time goes on, I will probably have little to do with the skids or DH's family (as we have no children together...), and I can just go about my merry way. IF I was responsible for this money, I feel that might create a "tie" to all his family members for years to come, whether I wanted it or not.
Do it! We set up a similar
Do it!
We set up a similar situation on our Wills. If SS goes to college the trust will pay for his tuition, room and board with a small monthly cash stipend. If he has graduated with a Bachelors degree from an accredited institution then he gets access to the trust resources under the stipulation that the SpermClan can not realize any benefit from the resources we leave to SS. If he does not graduate from college in compliance with the degree and accredidation stipulations then he gets nothing until age 45 at which time he will gain the benefit of the trust with the same stipulation that the SpermClan can not realize any benefit from the resources we leave to SS. This is our efforts to parent from beyond the grave. We want him to be degreed. If he wants our money at a younger age, he goes to college.
My dad and my brother are the co-executors of the trust. Either can act independently.
The trust is formed only if my wife and I co-decease. If either of us survives the other, everything goes to the surviving spouse and the disposition of our estate will be decided by the surviving spouse.
If you want to provide for the best interests of your Skids then do it. That way you can be the gate keeper and decision maker that can deal with any manipulations by the BM.
Rags - by "Do It", were you
Rags - by "Do It", were you talking about the executorship of the trust, or the "buying a small island" option??? LOL
Me and DH have plenty of time to talk about this and come to a mutually agreed upon, and comfortable arrangement. It is dawning on me that it is nobody's business but our own. If something bad should happen and DH is not here - why should I care what anybody else thinks anyway???? I will have lost the LOVE of my life - what's money????
I was commenting on the
I was commenting on the executorship but I like the island idea much better.
It's really not enough money
It's really not enough money to buy a small island. I just threw that out there for myself - dreaming....
I am still waiting to inherit
I am still waiting to inherit my small island also. Unfortunately, I think I picked my gene pool inadequately for the island. But, I would not trade my parents for any number of islands.
Just an FYI, my DW's BioDad was killed in a car accident when My MIL was pregnant with my wife. MIL remarried when DW was 2mos old and had three more children. My ILs will celebrate their 36th in Nov. My FIL raised DW as his own.
A bit of a different ending but similar start to DW's and your DH's with a generational split.