Protecting my family

GSXRCarlos

Mojisola wrote: »

Until when?

For life? Until she gets another partner? Until your son reaches 18?

until he reaches 18, i guess?

Malthusian

GSXRCarlos wrote: »

until he reaches 18, i guess?

At which point you're happy for her to be made homeless?

Guest101

GSXRCarlos wrote: »

Are you sure? i thought it could be held in trust?

It could be, but that's not the same thing - and makes very little sense for the intervening years.


(IE an asset which cannot be liquidated for potentially over a decade or more)

badmemory

What if it looks like the neighbourhood is going down the pan. What if your child needs to live in a different school catchment area to go to the best school for his needs/wants/ambitions. You will have made that impossible.

There is also the fact that if she is going to be homeless when he is 18, then for her own self preservation she will be having to save for a hefty deposit before then, this would no doubt detract from your sons ability to join any expensive extra curricular activities.

From my own personal viewpoint. I was left with a nine year old to bring up. I had a roof over my head. I made a conscious decision NOT to bring another man into my sons life. I was asked and I am not sure that I would have refused (not an easy decision) knowing that I would land up homeless or dependent on someone else.

chesky

Do you have a pension, and if so, can your partner inherit it when you die? Also, what about guardianship if you and your partner die at the same time.

Loanranger

Get married! You have a partner who you decided to have a baby with and a house. Are you frightened of making a commitment to one person for life? Then you weren't ready to create a child. A child is totally dependent on the pair of you not just for tangible stuff but for emotional stability, too.
If one of you dies then things are so much simpler, and next of kin, inheritance without leaving a Will are all sorted.

CRANKY40

No marriage equals no widowed parents allowance if anything happens to either of you. Also a child is not allowed to own property - it will need to be held in a trust.

Slinky

Don't forget to make sure life insurance is also held in a trust so it falls outside of tax.

Critical illness cover is another one to consider. This paid out for my friend when she was diagnosed with a terminal illness and paid off the mortgage securing the financial future for her husband and child.

pollypenny

Surely your partner is contributing to the house as well, even if it's allowing you to go out to work and she looks after the child.

She may well return to work herself in a few years.

Your ideas sound a bit unbalanced, not fair to your partner.

Malthusian

Slinky wrote: »

Critical illness cover is another one to consider. This paid out for my friend when she was diagnosed with a terminal illness and paid off the mortgage securing the financial future for her husband and child.

Agree with the overall point, but it's worth noting that life insurance will pay out if you are diagnosed with a terminal illness (expected to die within 12 months).

Own occupation income protection is usually better than critical illness as it is much easier to claim against, though there is a slight element of apples and oranges. (Income protection replaces your income if you can't work, while critical illness gives you a lump sum which can pay for operations, adaptations etc.)