Wills

[SoonerTexan]

My company offers a free service that sets you up with a lawyers and two kids in, it's probably time to set one up before DH gets busy. Any things we need to start thinking about?

[GreyhoundsRUs]

We did one before we went to NOLA. Very basic will/power of attorney stuff - basically just a succession of who gets the kids. We don't have any assets, really, but we didn't want there to be a big fight between families should we have both died. We'll redo them in 2 years

[SuzySunshine]

We laid out who got the kids who each if our power of attorneys if the other was gone, details of their inheritance like they get so much until a certain age, money for their guardians to raise them, what else??

[MAPPLEBUM]

Is there any point to doing one during residency / before children?

[alotofyarn]

We've been meaning to do this since we had E, mostly to establish who would get her.

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[metroguy]

i don't have one even though i got assets and kids.. just things are against it--1. i don't want to think about death. 2. it will probably cost me about 1k to setup a will.

[OrionGrad]

Do we need an attorney to help us create a will if we don't have any real assets yet, or can we just use one of those online legal service things for the time being (and then redo the will with an attorney after fellowship)?

[moonlight]

I can't decide who to leave the kids with should my mom not be able. I don't have anyone I could trust. How do you decide?

[spotty_dog]

Is there any point to doing one during residency / before children?

Maybe. If you have any belongings that you want to have go to certain people, you can avoid conflict by writing it up. Even if it's, like, "Make sure my brother gets my favorite yo-yo." If you have any significant assets, I guess I understand that a will makes probate a little quicker? But mostly for young people just beginning careers, I'm under the impression that the main purpose for a will would be making sure the kids are cared for.

I don't actually know if we have one. I think we just have a verbal agreement that the kids go to my parents. Our assets have grown to the point that we probably should sit down with DH's friend the lawyer, who does wills and estates as part of his practice, and see what he can do for us.

It definitely sucks to think about death and dying, but better to think about it now than have your kids in a hardship that could have been avoidable, I guess. Suze Orman's Women and Money had a really positive, optimistic way of pitching this end-of-life consideration stuff. For everybody at every income level. I remember after I read that book I was all jazzed up to do something and then...didn't. Mostly because she pitches irrevocable trusts so hard and that's just a layer of complexity I'm not really wanting to deal with.

[weeniegeniewife]

We created a living trust and it was $2,000. An estate attorney set it up for us.

[MrsK]

, details of their inheritance like they get so much until a certain age, money for their guardians to raise them, what else??

This is important. Some kids will quit school if they get even a little bit of money too young. They think they are set if they inherent $10k.

Also, consider provisions for your kids in the event one has a serious problem. Like, if one needs an organ transplant all proceeds of the estate may have to go that child's medical expenses to the detriment of the other child. And consider whether you want to earmark funds for the kids' education, weddings, etc.

When designating custodians for your kids, designate individuals, not couples so there is no question of who gets custody in the event that the couple divorces.



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[SoonerTexan]

Ugh, I don't know who we would set as guardians. We've expressed to our family that we'd prefer them to be raised with cousins so they have as much of a normal life as possible. But all of our siblings are constantly in transition starting their lives. I actually have a lot of confidence that our families would work out the best situation for them. I hate to legalize something that might tie their hands from doing what's best later

[SuzySunshine]

You can always change it.

[MrsK]

And the family can work something out too. I have a friend listed as a second string guardian with the understanding that she'll step aside if my brother/third choice gets his life in order.

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[SoonerTexan]

So what happens of no guardian is specified? Or there's no will?