How can I protect my daughter's best interest?

I live in the state of New Jersey

My husband has a son from a first marriage, this is a second for him and a first for me. we share a beautiful little girl.
If anything (god forbids) should happen to him, how can I protect my daughter's best interest? My husband now has a life insurance from work totaling around $25,000, a pension and we just bought our first home together, what should I do to protect myself and my little girl? Does my home automatically go to the ex wife? will I loss my home? please advise?

AUG. 23, 2001

DEAR STEPMOMMY:

Thank you for being concerned enough about your interests to do something while there is still time.

The main thing you should do is ask your husband to get his last will & testament prepared. If he really cares about protecting you and his children, then he will do so, since anything could conceivably happen--he could die tomorrow, and there could be a big mess to straighten out if he doesn't make preparation in advance and make his wishes known about how he wants his assets to be handled. Get an estimate on the cost from about 3-4 different probate attorneys (since he has a simple estate, I'm guessing the cost will be about $200 - $700). If you belong to or become a member of one of those prepaid legal services, then the will can sometimes be free or very inexpensive.

If the house isn't paid for in full yet, you will need to decide if you can afford to continue living there after he is gone or whether you would want to sell it.

As far as the pension benefit, he needs to make sure that if there is a beneficiary designation form to be filled out, that you, as his wife, have been designated as the beneficiary (if that is what he desires). The language of the will can not determine who this beneficiary will be, since the beneficiary designation form will take precedence.

Make sure that the will is kept in some place that you know about where you can get to it when the time comes.

SINCERELY,

[email protected]

I would like to thank you for your quick response. This is something I really don't like thinking about, but like you said anything can happen. I just want to protect my daughter since the family courts seem to favor the first wives children better.