I have significant money from inheritance that has been kept separate from the marital property and am putting together a will. My two children are grown and one with kids and I have two college aged stepchildren. I’m sure my parents wanted this money handed down to their grandchildren and great grandchildren eventually, so am not sure how to handle the distribution.
My stepchildren still have both parents in their lives, but my wife has been covering nearly all their expenses and college for the last 6 years, as the father had kids with his new wife and refuses to pay for nearly anything, even though he owns two large rental properties and owns his own business. I feel like it’s up to them to bequest money to their children and I am responsible for my own.
Obviously my wife would get some, but she has her own money, a great job and a healthy 401k, so would be fine, and I imagine she’d remarry if something happened and then her new husband would get the benefit if I left her a large portion of, so I’d really prefer that my kids and grandchildren benefit.
I’m only 65, so hopefully it’s a long way off, but you never know, so I want to take care of it.
Thoughts?