Do you have a will?

[riverwed070707]

If you don't really have any assets or valuables, what do you put in it? We're young (25 &30) but we have a 2-y-o. I know we need one but for the longest time we couldn't think of anyone we'd be comfortable leaving DD with so we just kept putting it off. Well now we both have life insurance policies totaling $750k and we think we've settled on someone to care for DD.

Basically we plan to give X amount to DDs caregiver to be dispursed in smaller amounts annually and a significant chunk will be left over for her to receive at various milestones in her life.

Outside of that, we have a couple houses and cars but nothing of sentimental value, etc. When I think of a will I think of something like so-and-so gets this, so-and-so#2 gets that...if you just need to say who will care for your kid and how the life insurance should be allocated do you really need to have a lawyer do that? Am I overlooking something major here?

ETA we would of course also name the trustee who will be controlling the money and taking care of settling out debts.

[LittleMsMom]

I have a will,

IMO the most important thing is the caregiver/guardian for your child and the runner up incase they are unable to do it.

The Second thing for me was the trustee who will form a trust for the benefit of my child. The trust would be needed if my child is under the age of 25 years old. I do not feel my child should be given direct control of 750K cash and 216K+ property at a age younger than 25.

The third thing was establishing the age I feel my child should have free and clear access to the inheritence (age 25).

Be carefull giving the money directly to the guardian, IMO it is best for the trustee to fund the trust and to take the annual expenses plus caregiver componsation out then to have the caregiver get the money (what if caregiver does not want child or cant take child due to health issues but in will you state they get the money...Now where is the money to raise child). What if you die and the money goes to guardian (by name) then guardian dies and they have not update their will to reflect money that should be by rights your childs. Then your money for your child would just go by whatever their will says once the money is theirs it is theirs.

As for assets, I would have spouse be primary with children being secondary followed by a third option. Depending on the asset you could list them individually if you think it would get to a point where your whole little family would parish at the same time.

Good Luck, Just be careful, Wording can mean the difference from money you MEANT to go for the benefit of your child to money going to your favorite sister because it is listed in her name.

[SnoopyCool]

See an attorney. Certain things need to be left in such a way as to avoid tax penalties to the heir/estate. Also, if you have medical bills, etc. upon your death, you will want your will worded in such a way that the creditors aren't entitled to the lot of your estate. I'm not knowledgeable enough to say more than that, but I've seen this first-hand with the recent passing of my FIL.

[creditcardfree]

Yes, we have a will. As military it was a free service, but I think the money spent with a lawyer would be very well spent. I would ask about fees, for future revisions, as they do come up. It sure gives peace of mind and your heirs will be appreciative.

[tripods68]

Originally Posted by LittleMsMom

I have a will,

IMO the most important thing is the caregiver/guardian for your child and the runner up incase they are unable to do it.

The Second thing for me was the trustee who will form a trust for the benefit of my child. The trust would be needed if my child is under the age of 25 years old. I do not feel my child should be given direct control of 750K cash and 216K+ property at a age younger than 25.

The third thing was establishing the age I feel my child should have free and clear access to the inheritence (age 25).

Be carefull giving the money directly to the guardian, IMO it is best for the trustee to fund the trust and to take the annual expenses plus caregiver componsation out then to have the caregiver get the money (what if caregiver does not want child or cant take child due to health issues but in will you state they get the money...Now where is the money to raise child). What if you die and the money goes to guardian (by name) then guardian dies and they have not update their will to reflect money that should be by rights your childs. Then your money for your child would just go by whatever their will says once the money is theirs it is theirs.

As for assets, I would have spouse be primary with children being secondary followed by a third option. Depending on the asset you could list them individually if you think it would get to a point where your whole little family would parish at the same time.

Good Luck, Just be careful, Wording can mean the difference from money you MEANT to go for the benefit of your child to money going to your favorite sister because it is listed in her name.

This is very helpful tips.

[Slug]

Yes, I have one. And now that you have a little one, you need one too.

Consider this far less costly approach to a will: Quicken's WillMaker

For someone with simple assets, you probably do not need to go to an attorney. I would start with reading something like this. It's likely this will be all you need. Maybe you can even find it at your local library (thought without the software it's only marginally helpful).

[MonkeyMama]

Absolutely see a lawyer to get a proper will - to make sure everything is covered and no unintended consequences.

It sounds like you will want to focus on guardianship and making sure child is taken care of.

We hired an attorney to do wills and trusts when our second child was very young. (Yes - we absolutely should have done it sooner!!)

[artwest]

Wow! You're 25 and 30 years old and have a couple of houses? That's pretty good.

In my opinion, everyone should have a will. Those of us with less money and simpler lives can go to some of these online wills. For those who have more money and/or more complex lives, they should go to an attorney.

In my opinion you should see an attorney and draw up a will.

[riverwed070707]

Originally Posted by artwest

Wow! You're 25 and 30 years old and have a couple of houses? That's pretty good.

In my opinion, everyone should have a will. Those of us with less money and simpler lives can go to some of these online wills. For those who have more money and/or more complex lives, they should go to an attorney.

In my opinion you should see an attorney and draw up a will.

Ha well we'd prefer not to still own the second one so I'm not sure its an achievement We downsized because we realized we were living above our means and wanted to be closer to family. Couldn't sell the bigger house so we sold on contract. Hopefully within a year and a half I will no longer own it!

[MonkeyMama]

I totally missed that you have a home.

I'd also consider a living trust - just depends on your situation.

Anyway, all the more reason to get proper legal advice.

[Eric80]

I have a will. i also do not have many valubles etc... but i want to make sure that what I do have my loved ones get. Even if it is just photos etc...

[photo]

Without a will, your child could become a ward of the state, and much of your money may be given to the government. If you don't care what happens to your child or your money, then you don't need a will.

I'd make the appointment ASAP. However, I'd discuss things first with your spouse and make decisions ahead of time so that you don't waste valuable time (which you'll dearly pay for) at the lawyer's office.

[danieldroga]

One good thing about getting an attorney is that you can be able to get a good advise from them. It really helps.

[snafu]

Any adult who hasn't bothered creating a Will has given their family a huge headache and given government carte blanche. Without a Will the government decides what to do with your assets. Not everyone needs a lawyer to create a Will and Living Will/Medical Directive. Any available on-line or at the stationary store is better than nothing. Many people are unaware that they have life insurance as a part of their employment benefit. You likely have death benefits attached to SS or SIN.

I wouldn't concern myself with personal effects, but you want the people who care about you to know they have carried out your wishes to give them peace.