Advertisement
insurance

When Your Spouse Is a Moocher

Don't throw off your financial responsibilities. Plus, ways to divide your estate fairly.

My husband and I have three young children, and he doesn't think we need much life insurance. Why? Because two of my siblings are wealthy, and they'll probably take our kids in and provide for them if something happens to us. What do you think?

Your husband might be correct about the fate of your children (especially if you have named these siblings as guardians in your will), but he has the mentality of a moocher. A key tenet of ethical living is taking responsibility for yourself and your dependents. You should plan for the security of your own family as best you can, and not put that burden on others.

I'm an elderly widow and I'm reviewing my will. My children are all responsible adults whom I love dearly. My sons pursued careers that don't pay much, but my daughter has achieved considerable wealth in hers. Would it be okay to leave my whole estate to the boys?

Advertisement - Article continues below

Many people do divide their estates according to their heirs' needs, taking care to explain their reasoning in their wills and expressing love and respect for each child. If you do this, consider leaving your daughter several things of great personal value, as tokens of your affection. You could also designate a bequest in her honor to one or more charities she supports.

Have a money-and-ethics question you'd like answered in this column? Write editor in chief Knight Kiplinger at ethics@kiplinger.com.

Advertisement
Advertisement

Most Popular

7 Surprisingly Valuable Assets for a Happy Retirement
happy retirement

7 Surprisingly Valuable Assets for a Happy Retirement

If you want a long and fulfilling retirement, you need more than money. Here are the most valuable retirement assets to have (besides money), and how …
August 3, 2020
Shrink Your RMDs in 2021 and Beyond
annuities

Shrink Your RMDs in 2021 and Beyond

QLACs are a special type of annuity that lets you cut RMDs from your IRAs next year and beyond, reduce the taxes you pay and guarantee more lifetime …
August 6, 2020
How a Second Stimulus Check Could Differ from Your First One
Tax Breaks

How a Second Stimulus Check Could Differ from Your First One

The HEROES Act, which was passed by the House in May, would authorize a second round of stimulus checks. While the new payments would be similar to th…
July 22, 2020

Recommended

The Insurance Company Denied My Claim. What Should I Do?
insurance

The Insurance Company Denied My Claim. What Should I Do?

A lawyer specializing in insurance bad faith law explains why this happens, and outlines how to fight back.
August 6, 2020
Why You Might Still Need Life Insurance in Your 50s and 60s
life insurance

Why You Might Still Need Life Insurance in Your 50s and 60s

Thought you were past all that by this age? Well, if you have a mortgage that would be tough for your spouse to pay off or grown children you are supp…
August 3, 2020
Time for an Insurance Review
Coronavirus and Your Money

Time for an Insurance Review

You may need to update your policies in light of COVID-19.
July 30, 2020
Insurance Question: Say Rioters Destroy My Business, Am I Covered?
insurance

Insurance Question: Say Rioters Destroy My Business, Am I Covered?

If you ask your broker, the answer may be no. But don’t just accept that response. Know what your policy covers, and how to protect yourself.
July 29, 2020