Wills and stepkids etc

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  • Blackpool_Saver
    Blackpool_Saver Posts: 6,599 Forumite
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    help50 wrote: »
    Looking for some info on what others have done in similar circumstances. Myself and wife, married 10 years, I have 3 kids aged 21+, she has 2 kids 23+, all away from home etc. Now looking to get wills drawn up and it comes to how things are split between kids. Her oldest kid is 27 and lives abroad where he grew up, we see him now and again but wasn't brought up in this new family. Her youngest was brought up from age of 12 in this new family.:mad: I bought the house and its in joint names, I earn all the money and have always done, I run a business and am busy trying to build up financial assets. I started off thinking my estate should be split between my wife and my own 3 kids, then I moved to thinking it should also include my stepkid who joined me from age 12 as an equal share, but it seems too much to also include my stepson who was never brought up with us. Am I being unreasonable? Its quite a tricky subject.


    What planet are you on? Who raised the children while you ran the businesses? :rotfl:
    Everything should be split equally, it doesn't matter if they were part of the family unit, you took on a woman with children.... now behave accordingly.
    Blackpool_Saver is female, and does not live in Blackpool

  • help50
    help50 Posts: 71 Forumite
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    hi, thanks for all responses, and looking over them shows me its not a simple answer that I was just missing. My wife came out of a bad marriage and walked away from it just to get away, hence little financial assests. She doesn't work as she doesn't really want to, I'm fine with that. She does volunteer stuff, helps lots of people, just not paid work. If I die, she will get house, payout from my share of company, pensions, life assurance and 1/3 of my movable estate. My children are entitled to 1/3 of moveable estate. I'm fine with all that. But I want to consider my stepkids and they are in different circumstances as I outlined. Everyone gets on with everyone. If my wife died first then I would expect her estate to go to her 2 kids, I don't see why my kids should get benefit of the limited savings she brought with her out of the first marriage.
  • onwards&upwards
    onwards&upwards Posts: 3,423 Forumite
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    But your assets are all joint now surely? You’ve been married for 10 years, hopefully many more by the time wills come into effect, will you still see it as yours and hers rather than ours?
  • help50
    help50 Posts: 71 Forumite
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    Well yes but excuse my ignorance as I’ve not looked at wills before. If I die, what is “my” estate? If I have a bank account in my name and my wife has one in hers, whose assets are these? Sorry for dumb question.
  • Owain_Moneysaver
    Owain_Moneysaver Posts: 11,360 Forumite
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    help50 wrote: »
    If I die, what is “my” estate? If I have a bank account in my name and my wife has one in hers, whose assets are these? Sorry for dumb question.

    It's not dumb (and it's not always clear, as at least in England there are different ways two people can own a house together).

    A bank account in your name is yours, a bank account in her name is hers.
    A kind word lasts a minute, a skelped erse is sair for a day.
  • maman
    maman Posts: 28,650 Forumite
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    help50 wrote: »
    hi, thanks for all responses, and looking over them shows me its not a simple answer that I was just missing. My wife came out of a bad marriage and walked away from it just to get away, hence little financial assests. She doesn't work as she doesn't really want to, I'm fine with that. She does volunteer stuff, helps lots of people, just not paid work. If I die, she will get house, payout from my share of company, pensions, life assurance and 1/3 of my movable estate. My children are entitled to 1/3 of moveable estate. I'm fine with all that. But I want to consider my stepkids and they are in different circumstances as I outlined. Everyone gets on with everyone. If my wife died first then I would expect her estate to go to her 2 kids, I don't see why my kids should get benefit of the limited savings she brought with her out of the first marriage.

    What do you mean by a third of your movable estate? It could be interpreted that you're deciding that everything is yours to distribute and you're leaving 2/3 to your children immediately and so 1/3 to your wife to share with her children (in the future). Is this what you meant?
  • help50
    help50 Posts: 71 Forumite
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    maman wrote: »
    What do you mean by a third of your movable estate? It could be interpreted that you're deciding that everything is yours to distribute and you're leaving 2/3 to your children immediately and so 1/3 to your wife to share with her children (in the future). Is this what you meant?

    That’s the standard procedure in Scotland I’m quoting. Movable estate excludes property and land, the law then states 1/3 to spouse, 1/3 to kids. Just quoting it.
  • help50
    help50 Posts: 71 Forumite
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    Owain_Moneysaver wrote: »
    It's not dumb (and it's not always clear, as at least in England there are different ways two people can own a house together).

    A bank account in your name is yours, a bank account in her name is hers.

    That was my understanding. So when someone comes back to this thread and says surely everything is shared, then that’s not necessarily the case. I do have an estate, my wife does have an estate and it’s not unusual that they could be different.
  • maman
    maman Posts: 28,650 Forumite
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    help50 wrote: »
    That’s the standard procedure in Scotland I’m quoting. Movable estate excludes property and land, the law then states 1/3 to spouse, 1/3 to kids. Just quoting it.

    Apologies I wasn't aware of the details of Scottish law. So, can you decide whether to include step children (and how many)? or do they have to be 'blood' children? And do you and your wife have equal movable estates or do you have a lot more in your accounts? And out of interest (excuse ignorance) what happens to the other 1/3, is that for other bequests like charities or other family?
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    edited 12 April 2019 at 10:45PM
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    help50 wrote: »
    Well yes but excuse my ignorance as I’ve not looked at wills before. If I die, what is “my” estate? If I have a bank account in my name and my wife has one in hers, whose assets are these? Sorry for dumb question.

    Its an oddity in the law. As long as you remain married, anything in your sole name is yours to dispose of as your wish. Jointly held property or assets (such as money held in joint accounts) passes to the survivor (whether spouse or not). Just as any debt in sole names remains yours.

    However if you divorce (specific to scotland, england is different) then anything you acquired after the date of marriage (except inheritance) but before the date of separation is potentially going to be split - although not necessarily 5050.

    Two things I'd mention for you to consider though. If you don't specifically state that your wife is also to get 1/3 of the movable estate then she would have the choice of the legacy or movable estate - not both.

    The other is that if your estate is only comprised of your house (assets change over time) then your children may be left nothing with the house passing to the 2 stepchildren eventually. If you're happy with that then thats fine - everyone has their own opinions on how things should be handled. I just wanted to highlight it in case you hadn't considered it.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
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