Doing a will

[migirl]

Now that we are new parents, I figure we should have a will and put some wishes and plans in writing. Can anyone suggest any good resources? I don't have any idea where to start, so any suggestions would be welcomed!

[Amiens]

I don't have much input, other than we are 3 kids into parenthood and still have yet to "oragnize our estate" as our personal banker likes to say. We are planning on meeting with an attorney, because we also want to arrange things in the event of a lawsuit, etc.

I know the basics are setting up a will, power of attorney, living will, and in your last will and testament who you would like to be guardian over your child/children in the event something happens.

Crystal

[Cumberland]

Congrats on the baby!! Did I miss the thread where you gave the details? I am so happy for you!

Jane, We're in the process of updating our wills, too. Here is some info that I found on babycenter.com: http://www.babycenter.com/refcap/baby/b ... e/353.html

Quicken has a pretty comprehensive program called WillMaker that will help you create a legal will, living will, living trust, power of attorney, etc. You can have an attorney draw up a will if that makes you more comfortable, but you do not have to have an attorney sign your will or have it notorized for it to be valid.

If you have a financial advisor, you may want to talk to him about also creating a trust should anything happen to both of you while your child is still a minor. A financial advisor should also be able to help you with any questions you have about your will because he would be familiar with your financial background, financial goals, life insurance policies, retirement accounts, etc.

Don't forget to also update the beneficiary info for your life insurance policies and retirement accounts.

By the way...how is motherhood treating you? I bet the little guy is getting big...and keeping you busy!

[fluffhead]

We had a lawyer do the whole thing, it wasn't too much money. The main thing was to define guardians in case we were both offed at the same time.
You don't want the courts deciding that your kids will be best served by living with your inlaws (well that's me projecting again...)

[houseelf]

With regards to the guardian thing, not only did we name one, we named alternates in case the first guardian couldn't do it for any reason.

I really want to make sure my IL do not raise my kids.

Kelly

[Meenah]

Kelly, I did the same thing when the girls were young, I named my sister, and if she couldn't or if anything happened to her then I named my other sister (even if something happened to sister #1, I wanted sister # 2 rather that staying with BIL # 1). Twisted I know, but I couldn't imagine who would love my girls more than their Dad & me and could only think of my sisters. It also helps that I had 3 sisters and 2 brothers!!!
Luanne

Guardians are the hardest part of the will.

Guardians are the hardest part of the will.

Yes it is. But it feels so much better once you have made a decision, IMO. A back-up choice is a really good idea if you are at all concerned about this. And probably just a good idea anyway.

We paid a lawyer and it really didn't cost that much. I feel like we got our moneys worth because he brought up a few things I didn't think of and might not be in a book. But I don't know because I haven't seen that book or software.

[Sheherezade]

Suze Orman also has a Will/Trust kit. (That lady should pay me for all the plugs I give. ) I haven't used the Willmaker but I'm sure it is comprehensive. We will probably be visiting an attorney now that we are more settled. We would like to set up a trust to protect our assets - and we need to revisit the guardian issue. I have two brothers with great wives -- but both of them divorced this year. Now, I'm not so sure I want my kids to transfer to my single brothers. Neither has custody on a day to day basis of their own kids. Uggg. It would probably create strife if we named the exes as our gaurdians - but that's Plan B now. Plan A being not to die.

Plan A being not to die.

Good plan, Angie! Stick with that one!

And...ugggggh is right. Along similar lines....we named only one person in a couple as guardian in case of divorce before we had a chance to change the will or if...ugggghhh....something happened to her marriage after something happened to us. I don't think we have a back-up for guardian. We should.

The thing I HATE about figuring this out is that you have to think through all of these awful scenarios that are unlikely to ever happen but that you don't really want to spend a lot of time thinking about. Blech! It's nice to sign the damn thing and be done with it.

[Laker]

As an attorney that plans to specialize in estate planning, I think you should be careful about using basic computer programs or generalized forms. Each person is different and their individual facts and wishes must be considered before drafting a comprehensive plan.

Just my $.02.

[migirl]

Thanks for the info guys. I was looking at that software by Quicken, but am hesitant to use it for such an important document. DH reminded me last night that a friend of the family is an attorney who can probably draw a will up for us (he did MIL's) so we may go that route. I wanted to avoid paying someone if I could, but if it's not that much money then I guess it's worth it.

The main thing for us will be naming a guardian for our son, since we don't have too many assets at this point. I never thought about naming just one person in a couple in case of divorce, that's a good point...

[Laker]

Estate plans include wills, durable powers of attorney for business and healthcare, deeds, and trust documents...

These all are important and should be considered.