My parents have a will that is 20 years old. Can you imagine if they died right now? Besides the point, I honestly don’t even know where it is or who it’s filed with? This uncertainty drives me crazy and is pushing me to get one.
I’m starting to research and understand what a will is for and what documents we’ll need. Although I’m somewhat reluctant because if we move, we’ll have to redo our wills, so they are applicable to the new state we’d moved to.
But I think what we’re going to do is spend a couple hundred bucks and do an online will service. Yep, something cheap and quick. We don’t have a complicated situation and can get it notarized easily.
I think once we’re settled we’ll go get a formal will and trust and set up the proper paperwork at that time. Since we hadn’t even settled on our life insurance yet firmly, I think it’s not necessary to spend a lot on a will. But we probably should have even a simple online printed will than nothing at all.
What sites did people use for online will building? How’d it work out?
Another thing we need to think about is segregating out child custody versus financial management. I am leaning towards picking someone outside the family as executor of our will. Someone I think is responsible and has the same money values as we do, but isn’t appropriate given the situation to be our child’s guardian.
I also wonder if guardianship should be limited to one person rather than couples? Couples can get divorced, and is it better or fair to name a couple versus an individual within a couple? Say your sister versus your sister and her husband? These are a few questions we probably have to ponder before finalizing our wills.
4 responses so far ↓
1 R.May // Jan 28, 2010 at 9:07 am
I haven’t tackled the guardienship issue because if I die she automatically goes with her father. I still need to though in case there some freak accident but it’s not a priority.
I think an individual definately makes sense versus a couple.
But the money goes to first my father then if he’s not around or incapacitated it goes to my sister to distibute on behalf of my daughter until she’s of age.
2 calgirlfinance // Jan 28, 2010 at 9:13 pm
I would name 1 person within a couple. My sister said she chose me to be the guardian of her daughter in case anything happens to her and her husband. She said she chose in part because I am married while her SIL is not, but I am the only one named as the guardian. My husband and I will probably do something similar when we have kids.
3 Michelle // Jan 29, 2010 at 3:44 pm
I completely advocate separating the money-conservatorship from the guardianship of your child. I’ve seen not one, but TWO separate instances of this going awry. USlegalforms.com is a good online source, though double check whether your state is covered.
4 Forest // Jan 31, 2010 at 8:39 am
I’ll be honest I have never thought about getting a will. I also don’t have much right now but reading this is making me think it’s something I should look into.
As for my parents, I have no idea about their situations with wills… I know it’s something i’ll have to think about in the next 40 years….. but I hope later rather than sooner.
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