Slightly OT - Wills and Skids
Hi Everyone, hope you're doing well. Do you all have a formal will for your SO, if the skids are his? Currently my SO does not. We have been together 3.5 years, and he has 4 kids with 2 ex wives. SD14 and SD11 with BM1 (who I like) and SS5 and SS4 with BM2 (who I don't). He has mentioned in passing that I am the beneficiary on everything he has. He was in the hospital with appendicitis and had some pretty major complications, so we ended up talking about it. He said "Well, I put you as the beneficiary for everything because I trust you'll take care of everything". I am glad he trusts me, but I am not happy that there is nothing formal.
I've been pressuring him to make a formal will saying how he wants the money doled out. Has anyone used legal zoom? Or should we use an estate lawyer? Got forbid if anything happened to him, I would certainly be fair and make sure the kids were taken care of. My fear is that BM2 especially would try taking me to court for more money or accuse me of things like stealing from her and her children. If anything were to happen, I would set up trusts for the kids that she couldn't touch, which I'm sure would piss her off.
Any advice? I want him to set it up like SD14 gets X, SD11 gets X, SS5 gets Y in a trust accessible when he is 16 and Z in a trust accessible when he is 18, and SS4 gets Y in a trust accessible when he is 16 and Z in a trust accessible when he is 18. And of course leave some to me to pay off the house, take care of his funeral expenses, my future, etc. Pay off any debts.
I have no idea how this stuff works...I am 27 and don't have much of an "estate" besides my 401K and Roth IRA, to which he is the beneficiary.
Really just looking for advice on any wording or provisions we should use. I love all of his kids and we get along wonderfully, and I really like BM1. BM2 I tolerate.