My husband and I have been in a discussion, lately, about what would happen if we were to die, or if one of his siblings were to get killed in an accident. This brought about, of course, through a course of action my mother in law is facing. Here is what we decided:
If his oldest sister and her husband were to pass away, and she wanted us to take her kids, we would happily do it. We would bring them here to live with us, and we would sell her house and put the profit in accounts for them to use when they were in college (or older.)
If his younger brother were to pass away, and his ex-wife also, we would also happily raise those children.
If we pass away, his oldest sister offered to take them, but asked if she could live here. My work offers additional life insurance, and I am insured for $300,000 and Ryan for half of what I am. This should give whomever enough money to pay off our house, and they are welcome to stay here. :) But, they might have to buy a bus!!!