Last spring my husband and I realized that we were in desperate need of some estate planning like the one on winrightlaw.com. Wills, a Trust, taking a second look at what type of life insurance we had and what the value of it was versus how much we were paying monthly for it. Did any of it make sense for our lives as they evolved? Would it do us any good?
At the time we noticed that our term life insurance was wildly out of date. We had no real plan or details and needed some solid advice. We worked on it, created a plan that made sense for us and our budget such as a 401K to Gold Retirement Plan, and felt we were back on track. It is worth comparing retirement vehicles to determine which one is the most suitable option for you and your family.
Well, things are changing again. We are getting divorced and that means dividing up assets, figuring out what to do with the Trust and how those decisions we made only a short while ago now need to change in a way that makes sense once again as we move forward with our separate lives. Good thing is that I hired expert divorce lawyers to handle the divorce process. You may also hire expert divorce lawyers Naperville. Throw in the fact that I went back to work full-time this past summer and we definitely needed to make a new plan. Would my new job with its benefits offer affordable term life insurance? Was this something I needed and could afford? It was back to the drawing board.
When Life Changes for a Family
When we revisited our old plan we noticed that we needed new power of attorney. This has to change once again. So do the people who are listed as our medical directives and our beneficiaries on any and all life insurance policies? Never a fun thing to think about or have discussions about when you are already trying to decide who gets which box of Christmas ornaments or that loveseat everyone feels slightly iffy on but still can’t part with.
Beginning Again
How do you even begin this process? Here are two of the steps that we took to create a plan and obtain better term life insurance and I will be following them once again as I create a new life on my own.
- Research lawyers that specialize in estate planning. They can help you create an estate plan, not just a will but a power of attorney, a medical directive, and a trust. Ask your friends and co-workers if they can recommend a lawyer like Property Solicitors, and don’t be shy about asking their rates once you establish communication with the lawyer. Talk to a few of them and decide who fits your budget and your goals.
- Find a site, like Fabric, and obtain easy quotes for items like wills, accidental death insurance, term life insurance, find ways to organize family finances, and even your child’s 529 savings plan. Getting a quote on various bear river insurance products is the first step and will put your mind at ease.
Once you find your attorney, set a meeting with him or her and be honest about your lifestyle, finances, and where you see yourself. An hour-long intake is common and expects a draft of your estate plan about a week or two afterward. During the intake, you will decide on what it is you need and want to best take care of yourself and your children in the future.
Looking back now I remember we had a hard time figuring out who gets the kids if we both die. Since we don’t plan on traveling together without the kids any this plan becomes easier. If I die, my kids will automatically go live with their Dad. As they will if something happens to him. Wait, maybe I should ask him if that is still the plan. Has he even thought of this? Also, I realize now I never completed the ‘In the Event of My Death’ document and it seems more important than ever. Not having a spouse around to tell people your death wishes makes things a lot harder. Decide who will be in charge of your medical directive, the Trust for your kids, and who your beneficiaries are if not your former spouse and/or children. Then create the death document (that sounds like a new Netflix special) so that if something happens no one is left wondering whether you wanted traditional or Asian funerals for your funeral, etc. I mean who is going to know that I want popcorn and disco at my funeral and the Rainbow Connection played at the end of the service? No one unless I tell them.
No Regrets
Once this is all set you need one last appointment with the attorney to sign and notarize the paperwork. Trust me, you need to get this settled. I’m dreading getting it done all over again and having one more discussion about this stuff with my spouse. However, I know I will feel better when it is all said and done.
Taking these steps to provide and ensure your future is never a bad move. It takes away the stress later too. No one likes when people fight over stuff. Your kids need to know you have planned for them as well. I grew up always knowing my parents hadn’t figured that out and it was not a good feeling.
Have you considered or created an estate plan? Do you have term life insurance? What about a Death Document? What’s stopping you from getting started if you haven’t done this yet?
Disclaimer: Please know this partnership is between Responsival, and TMC. Opinions are 100% my own. This is a sponsored post.
