I'm just wondering what other families do about leaving their DC, DHs, DSC inheritance when they are no longer here?
So in a 'normal' family set up I understand that the way it would usually work is one parent dies, their husband/wife inherits everything and then when that parent dies it is divided between their children.
However, how do you work things in a step family?
We got married this year and I know we really need to put something in place to make sure if anything happened to either of us everybody is looked after.
We don't actually have much, we own a house but it has no equity in it. DH has a fairly decent pension (for his age) so there would be some money from that. Am I right in thinking that automatically goes to me as his wife?
I have very little in my pension. Neither of us have any savings, just a few hundred 'rainy day fund'.
We need life insurance don't we?
I have a child from a previous relationship (his Dad isn't involved much), DH has two children from past relationship, we have one child together.
I have a few concerns...
- if I died would DH be able to keep my DS? We've been together since he was a baby and his Dad is a bit of a loser. tbh I don't think his dad would try and fight for custody but I just want to have something official.
- If I died I want my children to have some inheritance. Even if it's just a few thousand to help put them through uni or put towards a house deposit.
- If DH died I want something to go to his DC. If I inherited all his pension what's to stop me spending it all and they are left with nothing from their Dad?
As you can probably tell I have no idea how things work and what is available to look after people. I have no idea who I see to sort for advice. A solicitor? financial advisor?
Just wondering what other people have in place and how you would split things if anything happened.