Wills and the stepkids
I know I've seen a discussion on this before, but I need a refresher.
My husband is 15 years older than me. In reality, he will probably die first. We need to update his will, as it predates our marriage and the birth of our two daughters.
He was leaving everything to SD14, with a mention of splitting it with any children who might come along after the will was prepared.
I have convinced him to put the life insurance in my name because we will need it to support the family and replace his income. I told him I didn't want to be homeless with our two daughters if he dies.
What do you think is fair regarding SD14? I know he will want her to have part of the money. I was thinking about the following:
His pre-marital assets to be split equally between his three children: SD14, BD4, BD1. My pre-marital assets to be split equally between my two children.
My struggle is with our marital assets (house, cars, retirement and savings accounts). I would prefer that go to me, as his spouse. But I think he will want a portion of it to go to SD, since she will not inherit anything from me when I die.
Help!
Buy a separate life
Buy a separate life insurance policy for benefit of SD in an amount commensurate with what she would get if you were to give her a share of his estate.
~ Anne ~
"Adjust on the fly, or you're going to cry."
Steve Doocy, The Mr. and Mrs. Happy Handbook
Life insurance & back CS
I have a similar question... DH has put his life insurance in my name 100%. Could BM come after his estate for back CS? What if the skids all reach majority before his death, can she come after the CS she never had collected whilst they were minors?
No speculation please - only solid answers based in experience or knowledge of the law.
Thanks.
Blueberry's Baby
Life insurance vs. debt/back CS
Unless he names his estate as the sole beneficiary of his life insurance policy, no one can come after it to collect on a debt. Not even CS. The beneficiary of the policy is the one who gets the money. Life insurance policies are not subject to probate, again as long as the beneficiary of the policy is not the estate.
Now, she could sue his "estate" for the back CS owed. His "estate" would include any real property owned and any money in savings or other accounts, but would not include any life insurance policy name you as sole beneficiary.
~ Anne ~
"Adjust on the fly, or you're going to cry."
Steve Doocy, The Mr. and Mrs. Happy Handbook
Thank you thank you
I didn't know life insurance isn't included in the estate. This gives me some comfort. Thank you!
Blueberry's Baby
Absoutely Not!!
The house you live in and the accounts you both have please make sure they are titled right of survivorship, that is not subject to any inheritance whatsoever. If he wants to leave them a small life insurance policy thats fine, and pre-marital assets that have NOT been co-mingled can go to his children. Retirement by every state goes to the spouse unless a spouse signs off, and I'm assuming your much too smart for that.
May I ask how your house is titled right now? Call you bank accounts to find out that also, if titled correctly there can be no claim. ALSO in community property states he can use his income to fund a life insurance policy for his children BUT he is using community funds which half is yours by law. So if in the event he did die, you can still claim half that insurance. I use to work in estate law, and I will tell you many men are shocked to find out the marital contract is probably the strongest in terms of large assets. In short, you cannot will away your spouses community property; so please find out how your assets are titled and do not sign anything unless you know more. Good luck.