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Dh and I don't and we know we need one. We've talked about it several times. We saw a lawyer last year about it and he gave us a whole list of questions that he needed answers to in order to draw it up. Some of the questions we couldn't answer so we just never went back.
So how many of you have one?
He needed to know who we wanted our money and property to go to. Who we wanted to take care of the kids. Who we wanted in charge of our money. What we wanted to do with the money. A second choice of someone to take care of the kids in case the first one didn't work out. What we would like done with the proceeds of the life insurance and etc. etc. That was a lot to think about and still is but we need to do this.
Of course I could honestly care less about the money or the property I just want to make sure the right person will be taking care of my kids but then again in order to do that money always helps right?
We have one. The kids will be the beneficiaries of our life insurance, so it will essentially be the responsibility of the same people who are taking care of them, I think we also set it up to have a certain amount put up in a trust for them to get when they come of age.
We have one executer of the will. It's my sister and best friend. She is fantastic with money, but better will have the chance to know what kind of relationship I have with different people at different times in my life. So I won't have to keep changing our will. She can choose to keep the kids herself if that is what she thinks is best, but she can also be in charge to know who would be good for the kids later...who their favorite cousins are, etc.
That's the way we decided to do ours. It's simple and answers all the questions lawyers ask.
Alisha, mom to:
Marcus - Jan '09
Lauren - March '10
Caroline - November '12
We don't have them yet but we have asked my sister and her husband if she would take Mikey if something happened to us. Shes the only one in our family who it would make sense to ask bec/ dhs sisters are both young and still in college. She doesnt have kids yet but i would assume she would ask us to do the same.
We have one. In California you can't do a joint will with your spouse, so we each have a will, but they are the same except for our names and I'm his power of attorney and he's mine, etc. If something happens to us both then Lily and Violet will be raised by my parents since they already live with us. If for some reason they are unable to care for the girls then my aunt will raise them. Both DH and I have siblings, but they all have kids, live far away, or aren't who we want to raise the girls.
Life insurance benefits both girls and our property/money goes into a trust which can be accessed by the person raising them, but the majority can't be touched until each girl is older and then they get access to it at as well.
As of right now we don't have anything. Both our family's are all over the place and we happen to be the responsible ones right now. My parents smoke and already have custody of my nieces and DH's parents are both 3 times divorced and have LOTS of drama and crap due to them so leaving them in charge of money and our kids isn't the best idea right now. So we are holding off to see what happens. We do have life insurance on everyone in the house so we have a start somewhere.
We did one this summer (DH is all over stuff like this). We have one of our friends as the executor, Rachel is the sole beneficiary and then a couple we are good friends with will be her guardians (let me tell you how that went over with our family... ). I think ours is like Racine, where most is put in a trust for her when she becomes a certain age, I actually think we did like 15% at 18, 35% at 20 and the rest at 25, or something like that. We also have some that would go to our friends taking care of her for the added expense.
I found it hard to do... but it was something I feel good about being done.
We also need to do this. To be perfectly honest, we haven't even really talked about it much...
We hadn't either until my cousin got killed a couple of years ago. Her will was the only thing that kept her daughter in our family. If it hadn't been for that she would have gone to her ex h's family instead.
I've started to write mine out and I want both of ours finished before I go back to work in 3 months hopefully. Everything goes to him if I die except a few pieces of jewelry, and everything is mine if something happens to him. If something happens to both of us, my sister become executor and guardian of Melodie. I also have stated in my will that a part of my life insurance is to be put in trust for Melodie until she's 18 and another part is to fund an educational trust for her up until the age of 25 then she can cash in the remainder after age 25 if there's anything left that wasn't used on her education for some reason.
It's depressing to think I'm worth way more dead than alive!
Thank you Jaydinsmum for my amazing siggy!
Last edited by LisaBrown; January 30th, 2011 at 03:58 AM.