Wills/Guardianship for children

[SaveSomeSpendSome]

Hello

Im really hoping people can advise me here.

Dh owns a limited company.
I work self employed.

Both of us earn a really good amount.

We currently rent but hoping this will not be the case in the next 2-3 years.

We have one dd who is 3.

Im worrying myself stupid about what happens if me and dh die.

My sister has said she is more than willing to take on dd if something should happen to me and dh.

We have a will writer coming to see us on Friday.

I have said to my sister that dhs business goes to her and for her and her dh to run it so that they can financially afford dd.

All our furniture, cars and money in the bank is to go to dd in a trust fund after the furniture, cars and funerals have been dealt with.

Does this seem ok?

How would my sister take over ownership of dhs business? I know it would be alot of paperwork for her to sort out our affairs etc.

Anyone?

Does your sister have the necessary skills/experience/desire to actually want to run the company?

Why don't you take out a life insurance policy so that if you die while your DD is still a dependent there will be a lump sum that can be used to provide for her upbringing. Much simpler and you have peace of mind that the money will be there even if the business failed.

Sunseed

Thank you for responding.

My sister would have to learn how to run the business. Its not something you need to go to college or university to be able to do.

Life insurance is something else i need to sort out. Dh business brings in alot of money a month so my sister would benefit greatly if she was to learn how to do it.

She understands the dynamics already.

Her husband has already expressed his interest to work for dh in the past.

What about your sister and her dh's current jobs? Who are the share holders in your dh's business? Would a comprehensive life insurance policy suffice to take care of your dd?