ILR and Dependant Visa

[moonshri]

Hi all
My husband is going to send off his ILR (on 10 years basis) application next month (Dec 2014). Please can I get advice on my and kids dependant visa here.
Me and two kids (under 18 now but one kid is going to be 18 years in Jan 2015) are on Tier-4 dependant visa valid till January 2017. Me and kids all will complete 10 years in October 2015.
I think me and kids need to change our current tier-4 dependant visa when my husband send off his ILR application next month. I am not sure whether my this understanding is correct or not that if he make a change in his visa status (from Tier-4 to ILR), me and kids as dependant to him also need to change our dependant visa as once his status is changed our current visa will be invalid - Is my understanding correct?
Please suggest me:
a) when I need to send off my and kids dependant visa application (we do not have any travel plan outside UK for next 2 years)?
b) Is it correct that I need to fill FLR(m) for me and kids?
Thanks
moon

[vinny]

If not travelling, then I think that you may remain on your current leave. However, if you wish to apply for FLR(M) with your kids (5-year route), then you should do so before your kid turns 18.

[moonshri]

Thanks,
If Myself and kids apply on FLR(M) after husband's ILR application and just in case husband gets his ILR and myself and kids application get rejection due to financial requirements then - can we live on the basis of our current Tier-4 dependant visa until we complete 10 years OR our FLR(M) rejection will make our current T-4 dependant visa invalid?

I am a bit worried about the option on not applying FLR(M) and staying on current Tier-4 dependant visa after husband's ILR to complete our 10 years. This is a good option if we can do so- Is there any reference document which could support this route?

moon