What to include in a will
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DH and I are working on our wills. What do I need to make sure we include in a will so that I am protected in the event something should happen to DH? Do we do separate wills or one will together? DH and I keep finances separate but I am still worried BM would try and take everything she could. I've heard terrible stories about this happening to people.
I believe (and I am not in
I believe (and I am not in the legal field) that each party needs to have their own will. If this is something you're worried about, it might be worth the couple hundred bucks to meet with a lawyer for an hour to go over things or have them check your document. I think mostly he just needs to be clear that in the event of his death, his estate to should pass to you (full name, blah blah). But if she's the type or he's planning on splitting his estate between you and skids, it's probably safest for him at least to have his drawn up by a lawyer.
We have a will that is
We have a will that is written for both of us individually and if we die together...Depends on the state...
I recommend a Trust, a will
I recommend a Trust, a will can be contested where as a trust cannot. Also make sure all life insurance policies are current. Also a Tust will "Protect" and money meant for his kids by not letting them have access until a certain age. For example my parents left me everything in case something should happen to both of them but I wont see a dime till I am 30 so I am responsible and don't blow it. The law firm I work at pushes Trusts because of the benefits to our clients.
I didn't know about the
I didn't know about the trust. It seems this would also be a good idea to ensure kids spend the money the way you would want also. I didn't realize they could contest a will even if it's clearly spelled out. This can get really complicated :/
Thank you!
My DH and I have been married
My DH and I have been married 6 years and not only have a child together, but each brought a child to the realationship. Our lawyer set up our will where we each get everything when the other goes. In the event we go simultaneously, everything goes into a trust and the designated trustees will pay out of the fund as they see fit. Only when the youngest reaches the age of 25 will the remaining money in the trust be divided between the three children. This serves two purposes. One - our assetts are protected from the leaching exes. Two - our attorny explained that due to the wide span in the childrens ages, it was going to take more money to finish raising the youngest vs the oldest so it really isn't adequate to split everything equally the moment we pass.