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Making a Will

angelaann15angelaann15 member
in One & Done: Only child
So...I know this is not a fun topic AT ALL. I hate to even think about it but...How are you allocating your life insurance if something were to happen to you and your partner? Does it all go to the imposed care giver or are you breaking down how much should be spent on what?
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Re: Making a Will

  • arbutusbridearbutusbride member

    Regardless of whether we end of being O&D (which is 99% sure we will be) we have agreed that the guardian of our child will not be the the same person who is in charge of the major financial decisions.  We will set our estate up so that there is a monthly allowance but big financial decisions will be handled by someone different.

    We are going to adopt our child so our situation is a bit different from others.  Our child's guardian will have to legally uphold the open adoption agreement with our future birthmother so if we pick any of our family members or close friends, they will have to fly across the country to Oregon to meet the requirements of the agreement.  But on the other hand we feel that separating the guardianship and executor of our estate is important (keeps the family ties together and more responsible allocation of financial assets, two people involved in the decisions not just one).   

    Pursing Domestic Infant Adoption through a local agency. In the meantime, our dog is our baby.  Bumping from Portland, Oregon. 
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  • aeh72aeh72 member
    DS's guardian will also be in charge of his trust, which we are setting up to be allocated to DS over time when he reaches certain ages, starting at 22 up through, I think, age 35.  For any money left to the guardians to use to care for DS, we are stipulating that a certain portion be set aside for his education and beyond that we are just stating that it should be used for his general care.  His guardians are my brother and SIL so we trust them to use the money properly.
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  • missymomissymo member
    Ugh. This thread has reminded me that it's irresponsible for me not to have a will. I keep putting it off for some reason. I need to get on that.

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    C is 3 years old

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  • kristenndkristennd member
    We've been putting off our wills because we can't agree on a guardian.
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  • JoAnna914JoAnna914 member
    We just dumped the proceeds from the sale of all of our assets into a lifetime trust for our son, which he can only get access to after he is 21 and after he has properly replaced all of the trustees involved.  His guardian (my sister) will make decisions in consultation with my father until his death, and then with our local bank.  I trust my sister, my father, and the bank to make wise investment and spending choices that will improve my son's quality of life, so I felt no need to include specific instructions or allotments.
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