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Mumsnet has not checked the qualifications of anyone posting here. If you need help urgently or expert advice, please see our domestic violence webguide and/or relationships webguide. Many Mumsnetters experiencing domestic abuse have found this thread helpful: Listen up, everybody

Wills - financial provision

4 replies

CheshireSplat · 13/06/2012 12:49

We're in the process of writing our wills so everyone can be clear about who will care for our DD (5 months).

I'd be really interested to know what other people have done with regards to finances. Obviously we want to leave money to our DD but what about the costs of bringing her up. Her guardian is relatively well off so day to day living costs would not be a problem, but what about one-off expenses? For example, the guardian has saved for about 4 years for a family trip to Florida next year. Taking another child would mean needing more time to save and I don't want DD's cousins to miss out because of DD. I know this seems a nice problem to have in these financially-difficult times but I do want to think these things through. The guardian hasn't mentioned this btw.

What have others done? Do guardians just expect to take on the financial responsibility? Would a lump sum gift to the guardian be appropriate?

Thanks.

OP posts:
Frikadellen · 13/06/2012 12:59

Ours is set up so they financially get half to share when they are 18 and the other half is available for their guardian to spend on reasonable expenditure for example like above. In our case it is 4 children so one of those reasonable expenditure could be buying a bigger house. We have named a financial guardian too so the childrens guardian cant just spend it on nothing.

hidingbeneathanamechange · 13/06/2012 13:00

Can you not leave your assets to your DD in trust, which covers the cost of her care? I don't think I'd want to inherit a child without financial provision.

skyebluesapphire · 13/06/2012 13:26

I need to sort this out now that me and H are getting divorced. I presume he would l

skyebluesapphire · 13/06/2012 13:28

I presume he would loOk after her if anything happened to me but I don't want him controlling the finances so I need to put it into trust for her with separate financial guardians who would control the money and could release it sensibly rather than H being able to blow it all...

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