We don't have a will yet, and we're planning to have someone draw it up (or draw it up ourselves), but we aren't sure what's the best way (or a good way) to approach this dilemma of mine...
Here's my dilemma. I married DH several years ago. Second marriage for both of us. I have no children of my own. DH has two daughters who live with their mom (Daughters - 17, and 18 yrs old). If I die first, I want DH to get all my money and spend it all. If he goes first, I'm totally fine sharing his money with his children. (I think the default in my province is that the first 200K comes to me and the rest will be split three ways equally (me and his two children.) The house will automatically be mine as it's owned jointly with survivorship rights.) Having said that, I have trouble accepting all my money going to his children if DH dies shortly after I do (up to several years? Not sure), but we don't know how to curtail this particular condition in a will. What if there's 5M left vs 100K left? That's another question, but I don't need to get into that kind of detail if I don't have to...
Are you in a similar situation? If If you are, what is your plan? If you're not, what would you do in my situation? What's common?
I was going to give some background to the story, but I figured it probably wasn't necessary, so I kept this post short(er) although I could add the background later if necessary...
