Finally got around to printing off my free will kit and was working through it today. I'm married and my wife and I have agreed to leave everything to each other in full if one of us dies. If we both die within 30 days of each other, we agreed to leave everything to our siblings since we can't have kids. I have 2 siblings and she has 1.
Should the split be Option 1 - My Sibling (25%), My Other Sibling (25%), Her Sibling (50%) or Option 2 - Split evenly 3 ways?
Bonus discussion question:
If one of us out lives the other considerably, do you think the dead person's sibling(s) should get any of the estate when the other eventually dies?
We're probably going to go with Option 1 and no obligation or guidance as to who gets the final estate in the case of outliving the other. At the end of the day, when you are dead who cares? Just wanted to see what you all thought.
Clarifications from comments…
- We earn roughly the same salary and started the relationship with similar assets.
- We have a very close and positive relationship across both immediate families. I can't envisage death or money changing that but no one can see the future I guess.
- I am talking about this openly with my wife, I just posted this to get more points of view and opinions.
- Of course she can change her will or her mind, but if I live the rest of my life being happy about where my estate is potentially going, that is one less thing I need to worry about.
The only thing that strongly supports Option 1 is that whilst all 4 of our parents are alive, her inheritance will eventually be considerably larger than mine. I guess her sibling may see his parent's estate funnel to my sibling's in the case of us dying after all our parents dying with Option 2.