Apportioning your will

Spouse and kids. Seeking the wisdom of the CC collective.

Options
  1. All to the spouse
  2. House to the spouse and half of the remainder to the spouse, the other half divided among the kids
I am leaning towards option 1.

Any hidden challenges?
 

si_c

Guru
Location
Wirral
Assuming you didn't marry her last week and she's not half the age of your youngest, then I'd lean towards option 1 also. My understanding is that if you don't have a will then it would revert to your spouse regardless. In such a case a will might be appropriate only if you wish to gift particular items to each of your kids.

Edit to add: I don't have kids, nor do I intend ever to so have but the only thing that might change my thinking there would be if the kids were from a different marriage, in which case 🤷‍♂️
 

twentysix by twentyfive

Clinging on tightly
Location
Over the Hill
Option 1 is what I've done. 2 kids get 50% each if we both peg it at the same time. Also I expect spouse to divide everything 50% if she outlives me (which she probably will).

Can't say I know owt about the tax implications of any of this. I suppose there may be wrinkles?
 

BoldonLad

Not part of the Elite
Location
South Tyneside
Spouse and kids. Seeking the wisdom of the CC collective.

Options
  1. All to the spouse
  2. House to the spouse and half of the remainder to the spouse, the other half divided among the kids
I am leaning towards option 1.

Any hidden challenges?
I would have thought legal/financial advice wise, not a bunch of cyclist's advice.... but... since you ask...my immediate thoughts...

1. Do you need to consider inheritance tax implications? No IHT between husband/wife, but, if (sadly) wife were to die there may be IHT if/when she leaves it all to kids

2. Do you want/need to protect against (possible) events after your death? one example wife gets new partner and/or remarries, then, leaves it all to new partner, who cuts out your children, and/or spends it all

I doubt it is possible to cover every scenario, but, I would think, professional advice wise. ;)
 

Drago

Flouncing Nobber
Location
Poshshire
I went with option 1. Mrs D will need the resources, and still has Mini D to care for. The others are grown up and self sufficient.
 
OP
Arrowfoot

Arrowfoot

Guru
I would have thought legal/financial advice wise, not a bunch of cyclist's advice.... but... since you ask...my immediate thoughts...

1. Do you need to consider inheritance tax implications? No IHT between husband/wife, but, if (sadly) wife were to die there may be IHT if/when she leaves it all to kids

2. Do you want/need to protect against (possible) events after your death? one example wife gets new partner and/or remarries, then, leaves it all to new partner, who cuts out your children, and/or spends it all

I doubt it is possible to cover every scenario, but, I would think, professional advice wise. ;)
I will certainly seek legal help to address various statutory issues. It is the human and family aspect that I want to be sure. Your second point has merit.
 

Kingfisher101

Well-Known Member
If your married and die you estate will automatically go to your spouse.
If you want to make provision for you kids I would consult with a solicitor re the will like others have said.
 

presta

Veteran
Mine is easy… no spouse, no kids ;)
That's me too, but I put off making a will for years because I don't really have anyone I want it to go to, and couldn't make my mind up what to do with it. I finally got round to it this summer and left most of it to various charities, but I've changed my mind which ones already.
 

Dolorous Edd

Well-Known Member
That's me too, but I put off making a will for years because I don't really have anyone I want it to go to, and couldn't make my mind up what to do with it. I finally got round to it this summer and left most of it to various charities, but I've changed my mind which ones already.
If you're really struggling I'm happy to have some.
 
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