Insurance Docs: Step Children as a Description

[toni74]

Hi

Husband and I are drawing up wills and we have multiple Insurance Policy's.

When listing the benefactors in the Insurance Policies is it acceptable in my case to say child's name and then in brackets (step-son).

Ive listed our children and then Son or daughter (in brackets).

Tyia

Should add Ive also listed my siblings and said Brother / Sister.

Yes, the more detail you give the better so that people can be identified. As you are married rather than just living together they are indeed step children. If you were not married they would not technically be that.

By naming them like this and doing the beneficiaries they are outside your estate for inheritance tax so the money they obtain from the policy is not added to your estate and taxed at 40% so it is worth everyone trying if they are near the inheritance tax limit to do this kind of thing and update regularly if things change.