Will or Guardian paperwork

AMT1107

DH and I drive to work together from PA to NJ, today there was a fatal accident on this highway, this happens often, we take 78 and if anyone knows the area, this road is awful!

DH got thinking about what happens if something happens to us, we don't want the state to have DS...  Do you have a will or have you designated a formal guardian?

If so, did you go through a lawyer? 

stephcarter

I saw that accident on the news. So sad.

I don't have a formal will/designated gaurdian. I guess I should.

Ziegeficker

DH and I can't agree on who would take guardianship of our babies in the event of something tragic. Otherwise I would be pressuring him to get on that with me. It's an ongoing discussion.

In the meantime, I did make sure both of us got life insurance policies and updated our beneficiaries on all accounts. 

pb_bride

We are finally getting around to have this done. I can't believe DS is already 14 months and we still haven't done it yet. We are meeting with a lawyer end of Jan.

pb_bride

Dup

LorMor

We have made my parents guardians, but stipulated that it's a 5 year plan. Have done it legally and formally.

legalbeagle1

Yes.  We went through a lawyer who specializes in will & trust work (not us -- though my husband said he could write it himself I gave him over a year to do it and he didn't do it).  Along with getting the proper amount of life insurance it is the most important thing you can do to ensure your child's future.  You don't want people fighting over who gets to take the kid (or, sadly, who has to take the kid) and worrying about how to afford it. 

A trust is super important because minors can't inherit so any money from your estate gets put into the trust for their benefit.  I know people will often just make whoever their kid's guardians are the secondary beneficiaries of their life insurance.  I don't think this is a good idea.  Even if it is someone you trust that money becomes part of their estate and what if something happens to that person?  We've had one in place since last year and it is such a relief for me.  Clearly this is something I think about a lot!

Also, at the same time we did all the power of attorney and medical stuff.  We also added that whoever takes L also would take our dog and came up with some sort of formula so that whoever takes the dog gets a certain amount of money to care for him too based on how old he is at the time.