I'm throwing this open for a bit of a debate and also to see what others do or would do in my set up.
I have married to dh and we have 2 children together aged 1&3. I have two step children aged 10&14. We did our wills a while ago and I am 100% happy with what we decided to do, ie whatever me and dh have split equally amongst the 4 children with no difference who dies first, or ages etc. very straight forward. Anyway me mum questioned the other day if I was happy with her money going to the step children and it got me thinking. My dh's parents inheritance will obviously eventually go to them as it will come to us then pass on, they will also inherit from their mums parents who are comparibly well off as my parents. So it does seem a little unfair that they then inherit from a third set of grandparents and our joint children will only inherit from 2 sets of which then part will be split with the step children. The step children and my mum do see each other, shared holidays once a year and do get birthday and Christmas presents, Easter eggs etc, so in general day to day ways she treats them all the same although obviously sees more of my children as the step children aren't always here.
So what do others do with wills and step children?
My idea was to buy an investment property with the lump sum from my mum as a deposit, mortgage for remaining money needed.put this house in trust for my two children. The rent would come into the family money, so either be saved, spent on a better family house or for extras day to day. Therefore that money would be enjoyed by all the children, added to our estate and split as per our will of equally splitting among all 4 kids. The rental house would then tick along until I died and it would then be split between my two children instead.
I think this sounds fair to all, as everyone on all sides owns their own property so everyone would benefit from property increases. I am not buying a house for my children, it will very much remain mine until I die, and that extra money would be used to help any of the kids through uni, help with cars or house deposits etc
Any thoughts
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Inheritance and step children, help
37 replies
pmgkt · 14/04/2014 15:43
OP posts:
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