Mums Finance

It is not the fact that the British Home Secretary, Jacqui Smith, pays her husband, Richard Timney, £20,000 of taxpayers money each year to be her Personal Assistant. It is not the fact that we all now know that her PA-hubby likes to indulge himself in the habit of watching grubby porn films in his own time.

No, it is not the idea of this man sitting reclined in a comfy Berkline chair watching lurid films while his MP wife is sleeping that irks the British public…

It is the fact that Ms Smith has included the cost of her husband’s tasteless films in her list of claimable expenses.

I am sure nobody begrudges the man his liking for this kind of film – many people do and that’s their problem as far as I am concerned – but we taxpayers do not see why WE have to foot the bill. Why are WE paying for his cable television at all!

She earns a huge salary so let her pay for it or else she can do without cable like many other people have to do.

Popularity: 24% [?]

Well, it seems Madonna is forging on with her plans to adopt another Malawian child regardless of the practicalities of the idea. At Madonna’s age it is more like she is adopting a grandchild rather than a child for herself – personally I don’t agree with it as most white couples are prohibited from adopting non-white babies and children these days. But when you are Madonna and you are forking out millions…

While she wont be planning to buy any baby shower centerpieces for baby showers, she will be planning to give the child her name and without a man as a partner thrown in. She has all her lawyers at the ready to make sure everything goes her way and no doubt it will – the child will be hers and hers alone. And only she will be adopting the child.

But what about us normal folk…

I was watching an episode of Heir Hunters recently where private agencies search for relatives entitled to a share in the estates of those people who die without leaving a will. One young man learned his father had died leaving a small property and some cash – you would assume this guy would naturally inherit everything outright.

Wrong.

The deceased man had divorced his wife when his son was 8 years old and the boy went to live with his mother and new stepfather. For reasons which were not explained the boy was adopted by his new stepfather even though his biological father was still alive and so the boy took his stepfather’s name.

Scroll forward to the present and the young man has learned that he cannot inherit his biological father’s property. Why…?

Because when his father allowed his son to be adopted by his ex-wifes new spouse he effectively disinherited his son from his natural right to inherit. This was made even worse when the deceased failed to make a will and name his son as his direct and sole heir. This would have entitled his son to inherit his property. The property instead went to distant cousins of the deceased man, cousins he had never even met, and his own son got nothing.

So bear this in mind if you are about to allow your child to be adopted by an ex-spouses new spouse. It is not a common thing to do but it is being done more often these days. Make sure that, if you wish your children to benefit from your estate after your death despite the adoption, make that will and name your children as beneficiaries.

Popularity: 33% [?]

The recent sad and tragic early death of Jade Goody highlights the need for those with children to ensure that, in the event of something happening to you, your children are as well provided for as possible.

Not all of us can attract multi-million pound media deals for us to make a fortune out of, but if you do have cash and/or assets intended for your kids it is vital you set up a trustee situation to act in your absence.

Of course as parents we like to think we will leave our kids the family home and whatever cash we can afford to set aside for them. If you intend to do this get to the solicitor asap and get it all down on paper in the form of a will.

Remember to name any guardians for your children if you are single or widowed. If you are in a non-married partnership you still need to name your partner (if the father of the children) as the custodial parent. I have read of terrible situations between grandparents and the surviving partner over the custody and access of children. Put it all down so that your wishes are made clear.

Jade died knowing who would be caring for her children, where they would be educated and that they would be financially looked after as they grew up. That would be a huge load off any parents mind.

Popularity: 39% [?]