QOTD 1/17

minionlover · January 2014

Do you have life insurance?

ramstein1027 · January 2014

We both do. It's important! And it passes outside of probate, so you don't have to deal with a court to have the asset distributed, unlike other estate assets. Easy way to ensure liquidity!

MrsH1027 · January 2014

Yes. We both get it through work

goatlady12 · January 2014

We both have policies. When I originally changed him to beneficiary I said, "You better appreciate that! I've never trusted anyone other than my mom to be beneficiary on my life insurance policy!"

WillyH19 · January 2014

I have a policy my parents set up for me when I was a kid and also one through work. I think H has a small amount from work, but we need to up that.

mana8503 · January 2014

We both have one through work, small. We will probably look into term life insurance soon.

ramstein1027 · January 2014

*standard attorney plug* it is SO important to also have a valid will in place, especially if you have kids! Even with a will, estate administration can take more than 12 months, without one it can drag for years---meaning that your heirs will not have access to your assets for that length of time. Without a will, your estate will be distributed according to your state's intestacy laws.

I'd also recommend a living will (a document that is separate and distinct

from a testamentary will or revocable living trust. A living will specifies your instructions regarding medical treatment and end-of life procedures should you become incapacitated and unable to make decisions for yourself. It is usually accompanied by a healthcare power of attorney that identifies the person you have designated to make healthcare decisions on your behalf, power of attorney, and healthcare proxy.)

Whew and I'm done!!

islandmonkey8 · January 2014

I have through work, which creates a small one for DH. He has one through his parents, again small. This is something we are looking into.

lehc723 · January 2014

I'm pretty sure, yes, but it's small, through work.

mpjf1001 · January 2014

We have life insurance and we set up a will after we had Lilliana.

snuff9861 · January 2014

We have a small policy through my work. My parents have a small rider on me. We're currently looking at increasing the policy and creating a will with the baby on the way.

DanaOcNy · January 2014

My parents have a small policy on me. My husband and I both have whole life with a term life rider (I think or possibly the other way around). He also has one through work on himself and me on a small policy. We are covered from multiple ends ! We freaked when we bought the house and wanted to make sure, god forbid, anything happened the other would be OK. We plan on getting Will's in place once the baby comes in July.

xxjen015 · January 2014

We both have some through work, but nothing big.

LDubHawksFan · January 2014

Yes, we both have it through work, but remember with those small ones offered through work, they are only valid whe you are an employer. I didn't realize that until I left my old company.

DH has a policy through our financial institution.

consciousdear88 · January 2014

Both of us do. We each have one through work and individual ones that our respective parents started when we were little.

sjs1013 · January 2014

We don't. It's something we definitely need to look into and purchase before August. We also need to set up a will. I have made my feelings very clear about my care to everyone close to me if something were to happen to me. I do know that I need to get a will though.

mrshall1027 · January 2014

We have small ones through work, but definitely need to get better/bigger ones. Neither of us have a will either so we need to get that going too.

Evan, do you know if there are samples we can find online and do ourselves, or is this something we need a lawyer to draw up for us? I've clearly not done enough research on these things...

magpie87 · January 2014

I have 2 smaller policies, but H doesn't have anything currently. That will be fixed soon enough, though

ramstein1027 · January 2014

ystaalenburg said:

We have small ones through work, but definitely need to get better/bigger ones. Neither of us have a will either so we need to get that going too.

Evan, do you know if there are samples we can find online and do ourselves, or is this something we need a lawyer to draw up for us? I've clearly not done enough research on these things...

Honestly, I would always recommend a lawyer. You can get a simple will without breaking the bank from most small firm attorneys--I would go with a solo practitioner for the lowest price.

However, if that's really cost-prohibitive, check out Legal Zoom. It is better than nothing!

Each state has specific statutory requirements to ensure a will's validity. Some common ones are: has to be written, signed by the testator in the presence of two witnesses, and the testator has to be of sound mind at the time of writing and signing. Your states may have additional requirements.

I know that WI and TX are community property states (Property acquired before marriage is separate and belongs to the spouse who acquired it. Property acquired during marriage is presumed to belong to the community estate except if acquired by inheritance or gift, or by exchange for other separate property.) so you guys have that extra issue to deal with in estate planning.

Long story short, I do recommend an attorney, BUT at least use Legal Zoom or something similar if you can't get one. It is better than nothing!

If any of you were in Indiana I could send you a generic form

Sorry! I'm only admitted to the bar here at home and I will NEVER take another bar exam again, lol!

mrshall1027 · January 2014

Thanks for all that info! I'll definitely look into using a lawyer

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