I couldn't find the Finance section sorry.
I'm updating my Will this week, now that DS2 is here and exDH is not! I need some advice on nominating a Trustee. I'm trying to avoid the high costs of visiting a lawyer unless I have to.
I have a substantial amount that would be left (worth more dead than alive!). I have a life insurance policy, superannuation & also a death benefit with my super. All up its approx $1m - this was because it was originally set up to pay out the mortgage, private school fees etc in the event one of us died.
My dad is listed as my executor now that I've split with DH. However according to my paperwork, they recommend a separate Trustee that you expect to outlive you, if leaving money to young minors. My boys are both under 2 & I planned on nominating them as sole beneficiaries.
Should I list exDH as the Trustee of their funds, since they would be with him if I died? Or am I better listing someone else completely that I 100% trust to do the right thing financially?
Part of me believes exDH would honour my wishes (private school etc) and raise the boys as I wanted. However I no longer know the person he has become after what he's recently done, so I'm a little hesitant here. I'd hate for his new g/f to ever get her hands on my money!
Has anyone else been in this position? Any reccomendations for what I should do? Basically I want all of my money to go towards the upbringing, education & maintenance of my boys.