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Financial planning post separation - Wills, property, life assurance etc. Got a plan?
#1
Hi dads - I hope your day has some time with your children in it!

Money. I've already spent enough but I believe in properly planning for the future. Before I split with my ex, we had (and still have) life assurance for both of us (with us being the beneficiaries), had wills with everything going to the other and a trust set up so that if we both died, the kids would get the money when they were 18.

However - we are separate now so - some things probably need to change.

If I died tomorrow, I'd want my children to be looked after properly. They would of course then be with their mother full time, which means greater financial pressure. Despite not wanting her to get a penny whilst I'm alive, well once you're dead it sort of ceases to be important. But, I don't think I'd want *all* the money to go to her, property and life assurance money, maybe a split with half going to her right away and the rest going into trust for the kids.

I also want to take out cover on her life because in that situation, I'd have them full time and work would be a lot harder.

Has anyone got any plans for how to deal with this? What did you do? Who did you decide to be the recipient?

I have an independent financial advisor, but he's not in the same position as me, you are, so I'd value your thoughts.

And if you haven't thought about this yet, it's probably a good time to start doing so! None of us live forever, that's why it's called life assurance, not insurance, as you are very much assured to die.....
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#2
Great post I look forward to some replys on this. And all along I thought it was insurance lol.
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#3
Well it can be! But the assurance kind is the one you definitely get paid out on, as you definitely die.

Life insurance is more like insuring yourself for a car accident where you die or incurable disease. Both are sort of worth considering Smile
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#4
Where there is a joint mortgage the insurance just pays off the mortgage if one does and the other gets the house. If ownership is tenants in common mortgage is still paid off but your share is allocated as per your wishes.

If there is no mortgage but you own it jointly it goes to joint owner upon death of the other. Only way round it is to change to tenants in common where you can allocate your share to whoever you wish.
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#5
Ah but is that what we want?

And what about what to do if we suddenly got the kids 100% of the time due to a death?
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#6
Indeed. It works both ways. If your ex dies first you can get the house. This is where careful/thoughtfull decisions need to be made.
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