Sorry for the negative sounding title. I have 3 primary aged DCs and am in reasonably good health.
However, a few threads on here as well as seeing a couple of real life cases have caused me to ponder on how to ensure that money is set aside for my DCs in the event that something happened to me. DH and I have wills set up but when we made them we basically set them up so that if either of us died everything would pass to the other.
I would hope that in time DH would meet someone else to share his life with, but tbh it seems that virtually every single man I know who has been widowed ((or just divorced or separated) meets a new woman and moves in with them super speedily, often marrying them too.
What I would like to do is try to ring-fence some money that on my passing would go directly to my DCs if they had reached adulthood or else be held in an account solely for them that neither DH or anyone else could spend.
As it currently stands I do have fairly sizeable assets in my own name that I could leave them- a small BTL house owned outright and a smallish S&S portfolio.
Of course I’d hope that DH would do the right thing by them, but if say he remarried then died and everything of ours was left to a new wife I would turn in my grave if my DCs were left with nothing after all the sacrifices weve made over many years.
If anyone has any advice on the best way to go about doing this, I would be grateful to hear it. Is it best to move the money into their own names now to be 100% sure that it will be theirs, or to get a new will made to make provision for it further down the line, or is it something a financial advisor would deal with? What exactly do I need to ask for- is there a technical term for what I want to do?
Neither DH or I come from moneyed families so this is unchartered territory for us.
Thank you in advance.