What is Fair?

Question

I have two stepkids who are adult age 43 and 40,I am 46y/o male,My problem is that my wife and I are trying write a will.We own a small business that her late husband and her started in 1978.We also own a house in the same small town,and a shop where I keep my toys.I am tryng to make things fair because as you see I am about the same age as them and they think that when thier mother dies I should leave the house that we have shared for 18 years and business too.We live in a community property state.We have done alot for her children financially and allowed her daughter to live here for 12 years.I think that when my wife dies that I should remain in the house and run the business as usual.What do you think?The original monies for the house and businees came from thier dad's parents but I have turned the ship around(It was in debt pretty badly when I took over paying the bills18 years ago.

Answer 1

Your suggestion sounds fair. You should express your interests to still help the children if they have hard times.

And a better solution may be to give the kids a specific dollar amount, stating that it is in lieu of any ownership interest in either the home or business. That will make intent clear on those property items, and it will show some proportional bequeath for the "original dollar" investment, but for which there would be no debate (regardless of whether you were the primary reason for turning those assets from "debt loaded" to profitable.)

Answer 2

There are some unknowns in your question -- do your stepkids work in the business, as well? Going just by what you've said, I would say that if your wife dies before you, that you should keep the house and the business. Or, you may want to offer the stepkids a share in the business, or a share in the profits; but just so long as you keep control, as you said you did turn it around.
You might want to sit down with an estate lawyer, so that everything is spelled out as you wish it; probate is a mess and a waste of money. It's unfortunate, that the heirs can get greedy and spiteful, unless everything is very clear as to what you and your wife's will is, for the disposition of your property and assets.