Should I ask to change will?

[beyondthesky]

DH and I have mirror wills which need to be updated as we have had 2 DC since writing it.

We each have 2 adult DC from previous relationships.

Current will dictates that should my DH die first (very likely as he is 18 years older than me) that his children get a payout from a trust fund (currently worth £350k).

Everything else - house, shares etc (approx £1m) comes to me to be split equally upon my death between all the children with his children receiving smaller share (if any) as they have already received the payout on his death.

However, I have several concerns with this plan.

1. When it was first put in place we did not have our own children.

1. I only work part-time so any money left to me could potentially have to supplement my income for many years, eating away at any remaining capital.

1. If I go into nursing home the family home would have to be used to support cost of that, again eating away at any capital.

I worry this could mean that my own children will end up with nothing.

We are paying for the trust fund out of earned income at present and it is costing almost as much as My part-time wage so not an inconsiderable sum. Also £350k in the next 10 years is probably worth considerably more than double will be in 25 years.

I want to suggest that the £350k is split equally between all children upon my DH's death and that whatever is left after my death is again split completely equally.

It seems much more straight-forward to me but I'm not sure my DH will agree.

Would be grateful for any advice from someone.

1M is a lot of assets in addition to the trust fund. When you retire, you could just downsize and give the inheritance to your children then. As it's likely to be a number of years between your retirement and death/going into a home, they wouldn't be liable to pay to that or inheritance tax. In the meantime, make sure your husband has a life insurance - if anything were to happen, that could subsidise your lifestyle.
And have you got good pensions? They can be inherited tax free.

Will your husband get any payout from a pension scheme. And if he dies first then will you get a pension from his company? This is a fairly complicated family set-up with adult children and young DC's so it makes it more difficult to be scrupulously fair to everyone. Why are you still paying into the trust fund for two adults? Is paying a bit extra into your own pension scheme feasible? You do need some financial advice. Not sure if he'll agree to the £350K being split between six children as opposed to only his own two adult children.

Sorry been so busy I forgot I actually posted this!

Sorry been so busy I forgot I actually posted this!

I could downsize but it depends on whether my youngest DC are still at home.

We do have life insurance and good pensions which I believe does come to me in the event of his death.

I've told him I want to discuss this and we've actually scheduled a quiet time Sunday morning to do so.

Crikey, how complicated.
Is the TF being quartered (all his kids)? I guess that I reckon that you'd hope that the final value of everything is divided into 8, with your/his children each getting 1/8, and your joint children getting 1/4 each.
Having seen all sorts of hell w jealousy over some getting money earlier than others, I'd be inclined to try to do some sort of fairer division now. It's not just amount that matters, it's when you get it.

I reckon you need professional advice on this. But don't get into more trust funds...