Remarried - 3 kids - what happens $ if/when I die

[Herewego]

Hi All,
My 3 kids are in their early teens.
My new bride and I have a will where all of my assets go to her less all obligations.
What I am trying to sort out - to be sure I am well enough insured - is how to determine what my estate would owe the kids mom as the kids would now be with her 100%.
Please poke holes!

<Total CS I would be paying today is she were 100% - starting today and going until they are 23> + <high end estimate of special expenses> + <$2500 / year per child to attend post secondary> = roughly $350,000.00.

Missing anything substantial? Totally flawed?

thanks as always.

[HammerDad]

I just did the same. I figured until my D12 was 21 though, as she will start post secondary when she is 17 (born later in the year). But I pretty much used the same formula.



I did not factor in extra-ordinary expenses though. However, with what I have provided for her, the insurance amount would likely be sufficient to cover any such expenses ($170,000).

[rockscan]

Definitely track your child support and then figure what your percentage of post secondary per year for each kid would be. That will give you a high number and then make sure your insurance amount is enough.

You will need to do two things for your will though:

1. Make sure your insurance is in trust for the kids. Your estate lawyer will advise how that will be worded in your will to ensure it meets the obligations.

2. You may need to have a clause in there about what happens should you die after they are done cs. If you want that life insurance to go to them you may need that wording in your will. If you want it to go to your new wife, it has to be worded accordingly and you will need to change the beneficiary on your insurance after they outgrow support.

We learned this when we did our wills. His life insurance policy had to list the kids as the beneficiaries and that was noted in his will. His other insurance and his possessions will go to his estate which provides for me if he dies. When hes done paying support he may change the insurance to either his grandkids or the estate.

[Herewego]

thank you

Thanks Kindly for the assistance.
I will take all of your advice!