dh and I currently do not have wills. now that we have ds and have purchased our own home, we think it's probably time to revisit this matter and get something sorted out.
so my question is, what kinds of things need to be covered by the will? I know the obvious stuff (how our respective estate should be dealt with in the event of either of our deaths) but does a will set out what should become of ds (and any other potential children we may have together in the future) should we both die and he is still a minor? or is that set out in a different document?
I'm not asking for legal advice as I know we'll need to see a lawyer and get this done but just wanted ideas on what kinds of provisions people have in their wills, esp where minors are concerned.
ideally I'd like some kind of testamentary trust set up (should we both die leaving him/other kids) that generates income to cover their expenses that is administered by a trusted individual and that the funds can't be taken by anyone else, ie may only be accessed to cover children's living/educational expenses. there could then be a clause releasing some/all of the capital once each child turns say 25 or 30 or something.
is this realistic? will an estate lawyer be the person to see?
any feedback/thoughts/ideas welcome. we are happy to pay a little bit more and get it set up correctly.
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26-04-2016 08:56 #1
Last edited by turquoisecoast; 26-04-2016 at 09:01.
26-04-2016 09:00 #2
Following - we need to get one too. We got a will kit online a few years ago but it's not very thorough. Need to see a lawyer but it costs big $ to get a proper will done. I do think it's worth it and absolutely necessary once you have children, regardless of your wealth situation.
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26-04-2016 09:08 #3Senior Member
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Definitely worth getting it done by a professional.
Our wills cover distribution of assets, executor, guardians for our children should we both die, and the set-up of a testamentory trust. It includes pages and pages on the latter - who would administer it, how it can be used, what assets can form part of it, what age the remainder will vest to our children, etc.
As far as minors go, my understanding is that your nomination of preferred guardians could still be challenged. But it is a very important indication of your wishes.
We've also written a few pages that we've attached to our wills providing more detail about how we'd like our children raised, and what we'd consider to be reasonable payments to their guardians. This is not a legal document and is non-binding, but is intended to provide our FIL (our chosen Trustee) with some guidance about how to administer the trust.
I can't remember what it cost to get our wills drawn up. I think it was in the order of $1200 to $1500 for the two of us, and also included getting a Power of Attorney document prepared.
Last edited by Gentoo; 26-04-2016 at 09:16.
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26-04-2016 09:23 #4
We used a trusted solicitor to write ours up. Ours is basically saying to divide our estate by our children. They are to receive their portion of money once they each reach 25 years old. If they are deceased or in prison, their portion of the money gets divided equally among their [blood/adopted/legal] children, if no children then it goes to siblings/our other children.
Our MIL is nominated as preferred guardian. She is also the financial trustee. She can take money from each child's portion to cover costs for education or medical purposes. She also is to draw a "wage" from it so that she can be a stay home parent (what we would prefer and what she has also agreed to) to our children. She has the ability to use some money to purchase a house/car etc to cope with the sudden bigger family.
Should the guardianship of our children be contested in family court, she also has the ability to draw from our estate to fund legal representation. We are wholly opposed to my parents ever seeing the children again but that won't stop my mother going for custody so we have also included a letter as why we don't think she is fit to raise the children, for my MIL to use in court. It's not a legal document but our solicitor has kept this letter for us with the will. If my mother or any other person gains custody of the children, the money remains under my MIL and things like the wage, and drawing from it to buy a car etc become void.
Should my MIL be deceased or unable/unwilling to care for the children, preferred guardianship goes to two female friends of ours along with the trustee responsibilities.
We have insurance on the car loan that it will be paid out if my husband dies. We have life insurance policies. Etc. all this stuff is what is included in our estate.
26-04-2016 12:04 #5
gosh quite a bit to think about. it's actually quite unpleasant when you think about it. necessary though.
26-04-2016 13:32 #6
I have a separate will to H- was done overseas- that I just had to make adjustments too (beneficiaries mainly).
We already have a family trust where our joint assets (and wages) sit, with us and the kids as beneficiaries (DSS & DSD of H, DD of me and H). We have an advisor who we are currently in talks with in regards to a 'holder' should something happen.
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26-04-2016 14:05 #7
everyone has their own will don't they?
26-04-2016 14:06 #8
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26-04-2016 15:26 #9
My husbands and mine are identical except our names and pronouns are switched and he has me as his beneficiary and vice versa
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