Will - suggestions on how to allocate things

[Inaminutenow]

I need to make a will and have been thinking about how to allocate assets. My DH passed away last year and I have two young boys and two adult stepchildren. I have taken out life insurance which would provide for my children and obv I need to look at guardians for them etc. But where I am a bit stuck is the allocation of assets (house, savings, inheritance from my parents who will allocate their estate 50:50 between my DB and I).
I was thinking of splitting the house four-ways. Re savings, they are mostly from a payout I received on DH's death. I was thinking of giving each of the Stepchildren an amount over the next 5 years, to help them out with maybe a deposit, wedding costs or something similar, but then split the remainder between my two children. Equally, what I may eventually inherit from my parents (not in this country) I would on my death like to go exclusively to my children, as the stepchildren's mum and grandfather, and also my MIL, can provide for the adult children, too.
Would you say this is fair enough or unfair treatment of the stepchildren? I have a good relationship with them and my stepdaughter actually lives with me. Thanks.

[LotusLight]

House 4 ways seems fair as it was the house of the step children's father too so in that sense came from him.
Savings if you have any left when you die |(my father spent all his savings on dementia care at home which was £130k a year so don't assume the savings will be left when you get to 95) surely that is ditto -you have the cash because he died. I would just have a simple will leaving everything to all 4 of the children and step children equally. That is bound to help family relations too.

Unless you are paying a massive mortgage and most of the increase in equity in the house over the next 30 years will be because of your earnings not the step children's father's efforts.

[worridmum]

it sounds like you have really thought about it alot, I like that your spliting the house four ways, is their any chance you could split the money from you DH 4 ways to make it fair as well then the rest it totally fair

(unless the payout was like 1 million you would give your aduilt step children 20k each and then split the rest with your children while legal would not be fair)

And totally fair that you protect any inhertence you gain from your family for your children as they are not relaited to your step children bioligcall speaking anyway so would be totally understandable and fair and easy to protect in a will.

I really applaud you for your sense of fairness and I wish their were more step parents like you out there in the world.

As sadly there are so many that totally cut out step children since UK inhertence law is dreadful for blended families were france would be a better system

[Inaminutenow]

Thank you for your responses.
To set things in a bit more context, my DH died intestate and as his estate (incl. the house which was in his name only) was below the threshold, it all came to me as his wife. I've managed to pay off the mortgage, so that's a relief. I also paid off DH's credit cards. The only other 'larger' asset was DH's car, which I sold and split 50:50 between the stepchildren.
The payout was from the pension fund, which the fund allocated to me; it didn't form part of DH's estate. I have worked out that if that money had been part of DH's estate, then each of the children would have received about £12,500. So I was thinking of giving that amount as a minimum.
But, yes, I could not give anything now and just leave a will to divide everything up after I have died. I was just thinking the stepchildren could do with financial support now / over the next few years, which DH would have provided...

[LotusLight]

It sounds like you are being fair to everyone. In general the more open you can be (my father always posted us all copies of all new wills for examples so we all knew exactly where we stood which was a good plan) the better to avoid family rifts later.

I would never if I remarried leave to a spouse actually given my age. If I die and have a new spouse I want the 5 children from my first marriage to get everything and obviously I would make that very clear to any new spouse if I took the risk of remarrying so it is certainly something people should discuss.

[Inaminutenow]

I'd be with you on that re remarrying (not that I'm anywhere near even a new relationship).