Have you made your Will?

[pete01]

You are married, correct?

Yes I am married.

You both need to write a will. but you don't need to trouble any solicitors from their sleep, these things can be easily drafted yourself. Last time it was discussed I uploaded a DIY template. But I reckon ChatGPT can probably do a fair job.

Thanks, I'll look into that

 

[Old Salt]

Make a power of attorney as well. 2 required, one for finance decisions and one for health and well being.

Easy to do online, costs about £82 each but has risen recently. Got ours done and made a will. Makes sure that ex partners of our kids cant lay claim to any loot but safeguards the surviving partner.

 

[pete01]

Example,

Child 1 from first marriage

Child 2 from current marriage

Would it be wise/fair to leave child 2 a higher percentage as child 1 should/might inherit from the ex wife?

 

[Mottie]

Touchy subject, wills and 'inheritance'. Some people see an inheritance as their right. Mrs Mottie and I are of a different view. We say inheritance is ONLY an inheritance when that person dies and leaves it to them. Right up until that point, we consider it to be the 'life savings' of the person concerned. You wouldn’t lay claim to somebodies life savings, would you?

 

[pete01]

Touchy subject, wills and 'inheritance'. Some people see an inheritance as their right. Mrs Mottie and I are of a different view. We say inheritance is ONLY an inheritance when that person dies and leaves it to them. Right up until that point, we consider it to be the 'life savings' of the person concerned. You wouldn’t lay claim to somebodies life savings, would you?

Good point but I want to leave everything to my kids if possible

 

[securespark]

The main love in my life died & that death was a horrible experience for everyone concerned.

I can assure you that our tax position was very low down on our list of things to do, but thank you for showing your raising your head above the parapet & telling the internets that what is important to you.

I have to stick up for Pete here and say that I think it went without saying that he was sympathetic to you regarding your personal loss. But nevertheless, that said, not having financial matters done and dusted in this situation can add to the angst of the situation. Just what you don't need.

 

[Mottie]

Good point but I want to leave everything to my kids if possible

That’s fine, so do I and so do many others but some people don’t, yet their kids practically rub their hands together and talk about "their inheritance" as if it’s a God given right.

 

[motorbiking]

Example,

Child 1 from first marriage

Child 2 from current marriage

Would it be wise/fair to leave child 2 a higher percentage as child 1 should/might inherit from the ex wife?

In the event that Child 1, dies are you happy for that to go to your ex?

 

[pete01]

I have to stick up for Pete here and say that I think it went without saying that he was sympathetic to you regarding your personal loss. But nevertheless, that said, not having financial matters done and dusted in this situation can add to the angst of the situation. Just what you don't need.

Thanks for that mate I meant no harm with what I said

 

[pete01]

In the event that Child 1, dies are you happy for that to go to your ex?

No, is that what would happen?

 

[motorbiking]

That’s fine, so do I and so do many others but some people don’t, yet their kids practically rub their hands together and talk about "their inheritance" as if it’s a God given right.

One of ms motorbiking's friends was complaining that her parents were going on too many cruises spending her inheritance. she wasn't joking.

 

[motorbiking]

No, is that what would happen?

Your situation is a little tricky

- do you want to leave everything to your wife on the basis that she might disinherit your first born or re-marry and die without a will leaving everything to the new guy?

Do you want to protect your kids more than your wife?

Maybe you could split it between your wife say 50% your kids 2 but grant your wife a lifetime licence to occupy.. that might cause an inheritance tax issue though.

 

[securespark]

One of ms motorbiking's friends was complaining that her parents were going on too many cruises spending her inheritance. she wasn't joking.

That would make me seethe!

 

[pete01]

Your situation is a little tricky

- do you want to leave everything to your wife on the basis that she might disinherit your first born or re-marry and die without a will leaving everything to the new guy?

Do you want to protect your kids more than your wife?

I'd like a will where my half gets split how I want it to, between my 2 kids, but not until my wife dies obviously.....not sure how that would work if she re-married?

 

[ellal]

Touchy subject, wills and 'inheritance'. Some people see an inheritance as their right. Mrs Mottie and I are of a different view. We say inheritance is ONLY an inheritance when that person dies and leaves it to them. Right up until that point, we consider it to be the 'life savings' of the person concerned. You wouldn’t lay claim to somebodies life savings, would you?

Indeed a touchy subject...

We have yet another different view. We can't understand the thinking that a parent might have in 'knowing' that their kids will thank them when they are gone...

Where's the fun in that?

We've worked f*cking hard for what we have and would rather enjoy giving ours the chances we didn't have, but the tricky bit is doing it without spoiling them.

Thankfully ours are all doing well for themselves, but there are always times when a helping hand is welcome.
We'd rather see them enjoy the results of our hard work whilst we're still alive, and hopefully pass on that ethic.

Because after all, nobody chooses their parents!