Hi IMs
I have a question, my husband has a son from A teenage fling that he does not see due to mother stopping it. Before you ask yes we used to but it's better for the child at the moment to not be used as a pawn. We pay child support without fail and always have. This child is now 11. We have a baby and a 3 yr old.
We are currently setting up a family trust and doing our wills for our businesses and assets and I'm unsure how to split this.
Obviously all 3 children will get a share but I beleive ours should get a bigger share as the other child will also inherit off his mum and ours have just us to help. My suggestion would be we split everything
50/50 between us and of that my share is split 50/50 each kid and his share is split evenly between 3 kids.
Is that petty?
I love his son but at the end of the day I'm workin hard for my 2 kids and he is working hard for his 3 kids and I just don't know what's right in regards to the inheritance we will one day leave
7 Replies
What happens when if your husband dies? How will you divide the assets?
Everything goes to the surviving partner and then when they die its split as per our agreement so I'd still give my share and his share separately to kids
I would split it evenly between the 3, because that's fair. If something were to happen I think it would negatively effect his son to know that he got a great deal less then the other two. That's just my personal opinion of course end of the day its your decision and what you feel comfortable with...Also remember he's only 11 and things could change in a few years and you might not get around to re doing the will
I would also split evenly between 3.
I can understand where your coming from but I can also see how it would hurt your step child upon yours and your partners death. I would be splitting it evenly between all your kids.
I am a bio mother. My parents are fairly well off with 3 children. At this point, if my parents passed away, each of would inherit around 1.2 million in assets and funds.
My child's father is partnered with a lady who has an adult son who has 4 children of his own. My ex has two other children by a previous relationship. Collectively if my ex and his partner were to pass away, 4 children would inherit a share of $400k in assets. I know for a fact that if my ex were to pass away before his partner, my child plus the 2 others will not be included in the will.
My parents have stipulated in the event that I pass away before they do with my child as my heir, that the inheritance will be locked up in trust until my child has reached his own financial independence and my ex cannot access the funds through our son.
Now my child is in a bit of a delimma. He stands to inherit quite a bit more from me than his father or his step brother and half siblings. But that's life.
My child didn't have the choice to be born into two families with half siblings and a step child. He still has the right to inherit an equal share of his father's estate just like the other kids because he is included in their lives. Just because thr other kids won't benefit from 1.2 mil doesn't make it unfair because those kids would inherit from extended family as well as yours.
My advice is equality not quantity.
My partner has his superannuation at 25% each to his 2 kids, me and our son. My 2 kids get none of it. Same will go for his kids. They get none of my super. I need to provide for my kids. His kids have him and their mother to provide for them.