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Hello,
I am in my second marriage and we are struggling to come to an agreement with regards to our wills.
My husband has 3 children from his previous marriage,16yrs - 20yrs - 22yrs old. Sadly we have not seen them for 7 years.
I have 2 children from my previous marriage, 23yrs & 25yrs old. We are in constant contact with them.
My husband has his own business which he started just before we got together, it was not earning anything at the time and I supported us for the first few years. (just to let you know where we were at the beginning) I have always been a good earner and in the last 7 or 8 years we have been splitting all household bills etc 50/50 and only in the last 2yrs or so has he been able to start contributing towards holidays, entertainment etc etc. His business is now doing very very well, but he has never wanted to draw a bigger salary as he would have to pay his ex wife a higher maintenance.
I have always believed him when he said "i am pumping all the money back into the business for when we retire" - great, was very happy with that.
We have been together for 14yrs, but only got married in 2016 in community of property.
I updated my will after we got married and it says that he gets 50% and my children get 50%. It also states that he gets to stay in the house (we still have a mortgage) until he sells it or dies, and then only would my children get their share. I fully agree to this as we dont want to be left homeless etc.
Here is the issue - I have recently found out that he never got round to changing his will....... panic sets in.
His will states that his estate is divided between 4 of us, his children and myself. I have spoken to him about it and he said we should both write the same will that states, if one of us dies, it goes to the other and when the other dies, it gets split between the 5 children.
I don't agree to that. I would like it to be split 50/50. So that 50% goes to his 3 children to share and 50% goes to my 2 children to share. I believe it to be fair as we don't really have any relationship with his children.
BUT - If something were to happen to him right now, what happens? Does that mean his children get 75% of everything we have? Personal and Business?
I don't know where I stand and how to proceed.
Any advice would be greatly appreciated.
Thanks
I am in my second marriage and we are struggling to come to an agreement with regards to our wills.
My husband has 3 children from his previous marriage,16yrs - 20yrs - 22yrs old. Sadly we have not seen them for 7 years.
I have 2 children from my previous marriage, 23yrs & 25yrs old. We are in constant contact with them.
My husband has his own business which he started just before we got together, it was not earning anything at the time and I supported us for the first few years. (just to let you know where we were at the beginning) I have always been a good earner and in the last 7 or 8 years we have been splitting all household bills etc 50/50 and only in the last 2yrs or so has he been able to start contributing towards holidays, entertainment etc etc. His business is now doing very very well, but he has never wanted to draw a bigger salary as he would have to pay his ex wife a higher maintenance.
I have always believed him when he said "i am pumping all the money back into the business for when we retire" - great, was very happy with that.
We have been together for 14yrs, but only got married in 2016 in community of property.
I updated my will after we got married and it says that he gets 50% and my children get 50%. It also states that he gets to stay in the house (we still have a mortgage) until he sells it or dies, and then only would my children get their share. I fully agree to this as we dont want to be left homeless etc.
Here is the issue - I have recently found out that he never got round to changing his will....... panic sets in.
His will states that his estate is divided between 4 of us, his children and myself. I have spoken to him about it and he said we should both write the same will that states, if one of us dies, it goes to the other and when the other dies, it gets split between the 5 children.
I don't agree to that. I would like it to be split 50/50. So that 50% goes to his 3 children to share and 50% goes to my 2 children to share. I believe it to be fair as we don't really have any relationship with his children.
BUT - If something were to happen to him right now, what happens? Does that mean his children get 75% of everything we have? Personal and Business?
I don't know where I stand and how to proceed.
Any advice would be greatly appreciated.
Thanks
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