Step Children

[TLA]

What is the name of your state?
Pennsylvania

My husband has 4 children and I have 1. His children are 12, 18, 20 and 25, my child is 20. And we've been married for 6 years.

What is the fairest way to divide our cash property? We're having a little problem with this because I feel that his children already get everything (they all have their mother and father) my daughter only has me.

Also, if we were both to die now is there anyway to hold this cash disbursement from our bank accounts and life insurance until they were to reach a certain age?

Thanks for your help.

Tammy

 

[seniorjudge]

What is the name of your state?
Pennsylvania

My husband has 4 children and I have 1. His children are 12, 18, 20 and 25, my child is 20. And we've been married for 6 years.

What is the fairest way to divide our cash property? We're having a little problem with this because I feel that his children already get everything (they all have their mother and father) my daughter only has me.

Also, if we were both to die now is there anyway to hold this cash disbursement from our bank accounts and life insurance until they were to reach a certain age?

Thanks for your help.

Tammy

Tammy, while these are all valid questions, how do you expect anyone here to be able to answer them?

 

[TLA]

Tammy, while these are all valid questions, how do you expect anyone here to be able to answer them?

Just looking for guidance from people who are experienced in this area. We are in our 40s and have never planned our estate. We wanted to know what has worked fairly well for others in this situation and we wanted to hear from professionals on what they think about this topic.

Thanks,
Tammy

 

[seniorjudge]

Just looking for guidance from people who are experienced in this area. We are in our 40s and have never planned our estate. We wanted to know what has worked fairly well for others in this situation and we wanted to hear from professionals on what they think about this topic.

Thanks,
Tammy

Have a living trust drawn up with each kid getting a share over a period of time; that way they won't spend it all at once.

Stand by for other opinions....

 

[Ohiogal]

Have a living trust drawn up with each kid getting a share over a period of time; that way they won't spend it all at once.

Stand by for other opinions....

I agree with this! I also suggest that if you want your daughter to get something just from you, get some life insurance and put just her as a beneficiary. Let your husband get life insurance and put his kids as beneficiaries on it. That way you each provide for your children.

 

[TLA]

Thank you both - these were really good ideas. I wasn't aware that we could specify amounts to be disbursed over a period of time - thanks again.

 

[seniorjudge]

Thank you both - these were really good ideas. I wasn't aware that we could specify amounts to be disbursed over a period of time - thanks again.

Insurance proceeds can be directed to a living trust also. Some people, when they get a big wad of money, spend it all at once.