CS balance put into the Will??

[craftymom]

What is the name of your state? Children are in SC....but I *think* that's irrelevant to my question.....

My husband, as many of you know, is in the military. Considering the current state of world affairs, we want to update our will----especially considering matters of his children (my steps..)

I have read on here previously that, should an NCP die, then the CP could go after the NCP's estate for future CS payments due. Obviously, we have no problem with this at all. What we (hubby really) are wondering is, should there be a clause put into the Will regarding the CS payments? We're thinking this would "head-off" the ex coming after his estate for something that is rightfully hers to be able to raise the children, and also prevent any legal fees that *could* be incurred should something happen to my husband.

If we *should* have it put into the Will, how specific should it be? Just a blanket statement of "Ms. X shall receive in lump sum, all future owed child Support"? OR should we set something up where there is a "trust" (I'm sure that's the wrong legal term) and have the Will worded " Ms. X shall receive the amount of $xxxx per month, to be drawn from abc Bank, until such time as the youngest child reaches the age of 18 "?

Things are stressful enough with the present "unknowns" of my husband's job. We'd just like to have as much information as possible should he get sent somewhere that's considered combat duty. We're also trying to make sure that all of the children's future well being is taken care of.....

 

[VeronicaGia]

I'm hoping someone with legal experience will help you with this, but IMHO, she will be able to collect Social Security for the children. Also, he could get a life insurance policy for the current balance of CS, adjusting yearly, with the kids as beneficiaries.

Once again, I hope someone with legal experience answers this, but this is what I'd consider.

 

[CMSC]

Maybe I am retarded but I thought once someone died that got rid of all future obligations? Maybe not, but I had thought it did...I mean you can't pay if you are dead and crafy you aren't responsible for it. I agree with Veronica on the SS benefits, wouldn't the military offer benefits to the children as well or not?

 

[haiku]

well I always thought that too, I think it is really kind of lame, but from spending time here I guess it is true, I can see it in cases fo 'rich' people, because I can't imagine most average joes have anything left to even sue for....

Children would receive social security, just as children of a marriage would, plus life ins. if there was any for them.

when we got our house we got life ins. payable to me(and a policy on me for him). it wasn't much more to get a separate policy on him for the other children (payable to a dear friend, so I don't have the headache of proving I am being fair) So there is no fear someone would get the 'bright idea" to make me sell my house out from under me and my child.

SBLI has EXCELLENT rates....

 

[craftymom]

Ryry-- I feel the same about the future CS. Say you have a married couple, and one of the parents were to die, would kids of that marriage benefit from future earnings?? Just another of those situations where the NCP gets screwed, IMHO.

Hubby has the "military insurance" that every service member receives at the time of death---but it's up to hubby how that is dispersed (already clearly broken down in the will---with me to receive the bulk of it, and a certain sum to be put in trust for each individual child). He also has a seperate insurance policy listed with just me as beneficiary, and I have one for him as beneficiary. Again, specifically addressed in the will.

I had never thought of an additional and seperate insurance policy for the kids' CS, and really like that idea. But again, how could hubby have it phrased in the Will? OR, given this idea, would it be stated in the insurance policy that it is specifically for CS?? And how might he 'guarantee' that it be used for the children's health and maintenance, rather than the ex spending frivolously--or making the kids wait to be of age? Either way they'd do without during their childhood, right? Just trying to protect his kids best interests...

Thanks for the replies so far. You all have given me more to think about and work with that I hadn't had previously.

 

[VeronicaGia]

They wouldn't do without craftymom. If your husband dies, his ex can claim social security for the children. You and your husband both should get a yearly statement from social security that tells you the maximum monthly benefit they will pay out if either of you died right now. If you don't get this, call them and they will send you a form to fill out. It takes a few weeks.

Once you see how much she can receive for the kids, then make a decision regarding future support. But once someone dies, they die. That's it. Just make sure beneficiaries are kept up with on life insurance policies, checking/savings/401K, IRA accounts, make sure the house is titled in joint tenancy with full rights to survivor (both you and he are on the title of the house).

See a probate or estate planning lawyer if you need help.