📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Setting up a will - children and step children

Options
2»

Comments

  • Exodi
    Exodi Posts: 3,956 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Just speak to a will-writer, what you want is not complicated. It's not even that expensive given the gravity of the consequences (this forum is a graveyard of horror stories of people that bodge or don't bother with a will).

    I booked an appointment for my stepdad and the whole process was very insightful and straightforward. They also ask questions that aren't even on your radar (e.g. who will be the executor, who will store the will, what if the children die before you, are there any funeral plans you'd like, do you have a plot (most say no and end up leaving it to the children to scramble around trying to find one), is there anyone likely to contest and adequate protections if so, etc).
    RM_2013 said:
    My concern is how would this be split? From reading previous posts it would seem that stating £xxx to child 1 and £xxxx to child 2 and 3 wouldn’t work as depends how long down the line the assets would need to be divided, whether either (or both) of us need any kind of care provision later down the line etc 

    so would a % be the usual way to work it out? Also would it be based on 50% or our estate comes from me and 50% from my spouse?
    As you say, fixed £ amounts wouldn't be very practical as you've no telling how much money you will have at the time, so the 'balance' will need to go somewhere. Should you win the lottery, the person receiving the balance will be quids in. Should you both require expensive care, the person receiving the balance may get nothing.

    Fractionally you're asking for child 1 to receive 5/12ths, child 2 to receive 5/12ths and child 3 to receive 2/12ths.

    You'll also need to think about specific items, e.g. do you have pets? Who will care for those? Do you have family heirlooms you want to be looked after? Who will you give them to? Worth having a think about things like that since the will-writer will ask.

    Though not a big deal to talk things out at the time, you can change things before you sign.
    Know what you don't
  • Savvy_Sue
    Savvy_Sue Posts: 47,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Exodi said:
    Just speak to a will-writer, what you want is not complicated. It's not even that expensive given the gravity of the consequences (this forum is a graveyard of horror stories of people that bodge or don't bother with a will).

    For 'will-writer', read 'solicitor specialising in Wills and Probate', and perhaps even in your case one registered with STEP: https://www.step.org/about-step/public

    And FWIW I wouldn't discuss your plans beforehand with the children: make your decisions, at least in principle, but don't feel you have to justify them or explain them. If you think they will be upset, you can leave a letter of explanation with the will. But these are YOUR decisions, not theirs. 

    If you are asking any of them to be executors, I think it's fair they should know in advance of your plans, so that they can decline the honour if they wish to. And if you think there will be a big hoo-haa, then probably best to use professionals rather than family members. 
    Signature removed for peace of mind
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.