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March 2011 Moms
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Estate planning?

chary412chary412
in March 2011 Moms

DH and I haven't taken care of wills/estate plans yet.  We did sign up for accidental life insurance that would be enough to pay off the house and some extra if something happens, but we haven't had a chance to ask our friends if they'd be willing to raise LO, so we've been dragging our feet on the lawyer part.  

DH has a good job, and we're planning on having the house paid off within 10 years, so I think we need to do more than just a basic will, especially since we don't want LO going to our families for various reasons.  I think the next level up is an estate plan?  Has anyone set one up?  How long does it take, and about how much should we be looking to spend?  

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Re: Estate planning?

  • mommyjenny257mommyjenny257

    I used to work in Estate Planning a few years ago.  Estate Planning is really more for when you have a considerable amount of wealth or assets to divide among family members.  Sounds to me like what you need really is just a simple Will regarding care for your LO.  You can do a Will online, or contact any sort of family lawyer to assist you in drawing one up. 

    Hope that helps!

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  • blathnatblathnat member
    It doesn't sound like you need anything too complicated.  An experienced probate attorney should be able to handle it fairly easily, and put together a good package for you (things like reciprocal wills, power of attorney/ health care proxies, guardianships, etc) How much it would cost is hard to say since fees can vary based on attorney experience levels and where you live.  Around here a good estate attorney is around $250/hr but could finish something like this in only a few hours.  Many attorneys are willing to do basic estate plans like this for a flat fee as well. 
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  • PachezPachez member

    Hi Mommies,

    Estate planning is a good idea for everyone!!! I used to also think that estate planning was only for the rich but soon learned it's not. A good estate plan will let you pick a guardian for your children, set up a trust to protect your house or any other assets you have, reduce the taxes you pay, and help you save money for your children's education and future. I'm not a fan of online legal forms. They're not tailored for people's special needs and who knows if the person that wrote them was qualified or not. Go with a lawyer! Check out the Law Offices of Hasti Daneshvar. She's here on The Bump so you can get a special deal. Good luck :-) 

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