My bf & I live together & have custody of his 2 (16 & 15 year old) kids & my 1 (8). We plan on marrying 1 day but are not in a rush. We are getting 250K life insurance policies to take care of each other & the children if something should happen. (FYI, been 2gether 3 yr)
My question is: would it be fair to give 100K to him 100K to my 8 year old and 25K each to his children? I almost would like to give his children more but we are not married & I have no financial obligation to them. I also have reservations of their ability to be resposible with the money. They have not been taught any responsibility when it comes to finances & while they both say they want to go to college to secure their future, neither one of them is doing anything about that other than the girl says she wants to go to that college where they play instruments or something like that (I had to laugh & I said do you mean Juliard?, she said, YA... that's it).
I'm torn... any words of encouragement/advice?
2006-11-03 10:10:38 · 6 answers · asked by Heather S 4 in Family & Relationships ➔ Other - Family & Relationships
I have two daughters and two step daughters, my wife and I have set up our wills to divide everything equally if we both pass. Otherwise the surviving spouse gets 40%, and the respective daughters ( of the person that passes away) get 30% each. Since both of us have step children the stepkids get nothing.
2006-11-03 10:17:26 · answer #1 · answered by OleMarbleEyes 5 · 0⤊ 0⤋
I would leave $100k to hubby/boyfriend, and split the remaining $150k between the three children if they are living in your home and you are helping to raise them. On the beneficiary forms, you can designate a "Trustee" to be in charge of the money until the children reach a certain age. The "Trustee" can be a family friend, a relative, an attorney, a banker ... anyone you trust. You can state on the form that until the children reach 21 or 25 or whatever age you think is appropriate, that the money will be held by the "Trustee" in "Trust" for the children. Talk to your insurance agent, there are loads of options.
2006-11-03 10:15:02 · answer #2 · answered by kc_warpaint 5 · 0⤊ 0⤋
you already know that no longer basically might this reason financial difficulty to you, yet this might placed a tension on the courting between your doorstep daughter and her brother and sister. To them it would look unfair that Dad nonetheless extra fantastically of his first infant and took extra desirable care of her than them. Sorry, yet this is the way it seems.
2016-11-27 01:47:34 · answer #3 · answered by mcmorris 4 · 0⤊ 0⤋
i think your division of your would be correct. you have no obligation to his children and they shouldn't benefit from your death when you have a child of your own.
2006-11-03 10:13:14 · answer #4 · answered by redpeach_mi 7 · 0⤊ 0⤋
if you die everything goes to him anf viceaversa. then when he dies every thing should be shared equally between all the children...
2006-11-03 10:14:14 · answer #5 · answered by twinsters 4 · 0⤊ 0⤋
Do what you feel is fair. It's your insurance, and you're paying for it, so you can do as you please with it.
2006-11-03 10:13:43 · answer #6 · answered by sassybree1979 5 · 0⤊ 0⤋