Wills? Life Insurance?

Cheekers2010 · October 2010

I'm starting to realize that I need to get my butt moving and think about some of these things. Anybody else working on a will and/or changing their life insurance policy? I don't even know where to start!

andreamom · October 2010

Ugh! Ditto! Stop making me nervous! Another thing to add to my nervous nelly new mom list!

lilmgirl · October 2010

We have life insurance already but need to change our policy. No will, so I guess that's another thing to add to my to-do list. *sigh*

minimonstersmum · October 2010

ditto the pp, we have life insurance but no will legally written up yet we've been talking about it for a couple of weeks now and finally decided on where she'd go if we both died

such a depressing topic but glad we've got it out of the way and she'll be with family and well taken care of and loved... next step is to find an attorney I guess... we haven't made it that far yet...

Cheekers2010 · October 2010

lilmgirl:
We have life insurance already but need to change our policy. No will, so I guess that's another thing to add to my to-do list. *sigh*

Ugh! I know. It's not as if my list isn't overwhelming enough already. *groan*

Buggygirl84 · October 2010

We have an appointment with a lawyer Wednesday to put our will together. Since we don't have much aside from an impending child and our life insurance, it's just going to be a simple will and most legal professionals can easily help you get everything in place. A big thing to consider is making sure your executor and guardian(s) are different people that you trust. There could be a lot of nastiness and even lawsuits if your child's guardian is also in charge of the funds from your estate.

As for life insurance, my dad is an insurance salesman, so he's helping us decide how much we need and we'll just go from there. Good luck to you - it's certainly not difficult if you just make a couple of appointments and know (and have talked to) your chosen guardian and executor.

KristieElizabeth · October 2010

DH and I talked about it, but we'll wait until she is born before we change our insurance or create a will.

MamaStef0810 · October 2010

What PP said about a simple will is right, that covers most people just fine and you can find out about most of the information you will need on the internet that way you can be prepared to get everything set up.

DH's father always buys the grandchildren one of those Gerber Grow-up plans, though we don't put all of our trust in them and have a separate policy for the kids through our employers. We are covered through our employers for the maximum allowed amount, $300,000 I think.

MrsNoPhun · October 2010

I do not have a life insurance policy but DH does through work and I am the beneficiary for that so I don't think we have to change that. But we have discussed that in the event something happens then it will be used to pay off whatever needs to be paid and all that jazz and then split in half and put in trusts, one for DHs son from his previous marriage and one for this LO.

We have been discussing doing a will and definitely do need to to do that. Obviously you hope that it never comes down to needing it but I know for sure that I want something in writing stating where this LO would need to go if it did. It is not a pleasant thought but I would never want LO to spend anytime in the system while legal battles ensue over who gets custody.

RSClementine · October 2010

We upped our life insurance a few months ago. We have a lawyer lined up to do our wills, I just have to gather all our financial info.

Not to scare anyone, but a neighbor of mine lost his wife during childbirth 2 years ago, she was delivering their third child. It was heart breaking. That has motivated me to be sure our wills are taken care of before our son is born. You just never know.

DaisyCakes18 · October 2010

We've only done it through DH's plan with the military so far. We actually got into a really emotional discussion the other night about who our child(ren) would go with if something happened to both of us. We weren't able to come to an agreement so it's been kind of distressing to me. We'll re-visit shortly but we needed to take some time to think about it.

chickaboo1974 · October 2010

DH and I will meet with our attorney after the boys arrive to change our wills and to appoint a guardian for our boys and to set up a trust with a separate administrator.

We have decided that my parents will be their guardians- with a review every 5 years- if and when my parents are not able to care for the boys my youngest sister will be named their guardian (she is now 20- not quite up for two boys yet). My good SIL will be named administrator of their trust.

Kristi221 · October 2010

DH and I were talking about this last night. He's flying up to GA for a night with work and is newly terrified of flying. He spent the evening researching the odds of dying in a plane crash compared to driving, crossing the street, etc. We both have life insurance through our jobs, but Mackenzie isn't named yet on either of the policies, so we have to change that. We don't have anything in place as far as a will goes. Boy...this to-do list keeps on growing!

nursedevivo · October 2010

Hi Ladies!

We went through Select Quote to buy life insurance...they shop around for you to find the best policy (pricewise). We purchased Term Life for 30 years. This is a company I found through Suze Orman.

For wills, you don't need to spend a lot. I would recommend USLegalForms.com which I found through Dave Ramsey.com

https://www.daveramsey.com/article/the-importance-of-having-a-will/lifeandmoney_other/

HTH!

Moonbeam828 · October 2010

We haven't changed our life insurance policies yet, but we need to do that.

As for wills and other ancillary documents, we'll probably be signing those within a week. It's easy for me though, since I work for an estate planning attorney. ;-) Maybe it's just because I've lost track of how many probate matters I've worked on that have been unnecessarily complicated (and therefore expensive) due to "DIY Estate Planning", but I wouldn't recommend those fill in the blank wills online. It's worth the money to meet with an attorney.

nursedevivo · October 2010

KatieGator:

We haven't changed our life insurance policies yet, but we need to do that.

As for wills and other ancillary documents, we'll probably be signing those within a week. It's easy for me though, since I work for an estate planning attorney. ;-) Maybe it's just because I've lost track of how many probate matters I've worked on that have been unnecessarily complicated (and therefore expensive) due to "DIY Estate Planning", but I wouldn't recommend those fill in the blank wills online. It's worth the money to meet with an attorney.

I would agree with this for some people. But for me, my husband and I have a very very basic will so it made sense for us to do it online.

JesscanTri · October 2010

We have life insurance and DH has additional disability insurance. But we don't have any wills or advanced care directives. I have read that you are supposed to get some of that stuff together before heading in for delivery.

curlydoglover · October 2010

We have to set up a will but we've already discussed everything else (finances, life insurance, etc.) with our advisor.

The will I think requires us talking to an actual estate planner.... need to check.

sencha · October 2010

For those done with their wills, how do you go about naming your child in the documents if he/she isn't born yet? I'm using Suze Orman's Will & Trust Kit (very thorough!), but am unclear how to list our daughter, especially when we're not sure on names yet. Thanks!

GrayGhost13 · October 2010

We had a consultation with an attorney a couple weeks ago, but we've decided to wait until January to write up our will. We want to include a guardianship provision for our LO, and we were told that it is problematic to specify guardianship for an unborn child, so we're going to wait to write it up until after he is actually born.

We have some life insurance but need to upgrade with a child on the way.

Angeldcf · October 2010

We already both have life insurance & wills. Wills will need to be updated after baby is born to reflect legal guardianship, but not LI. I don't think a minor can be the beneficiary on our LI policies.

mommiro · October 2010

I have enough insurance but DH needs more. In January we're going to get the will done. The people I thought I wanted to be Godparents have shown me during the pregnancy that they may not be good choices and so now I don't know what I'ma do Tongue Tied

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