MM adulting 201

[hamster]

It's time to get our stuff in order (some somber topics ahead) but I want to make sure I'm getting it all.

- We are getting our life insurance taken care of. 250k policy for 20 years, and my husband has an additional work policy worth 310k currently. If he retires due to disability, he keeps his policy.
- We need wills.
- I'm assuming we want a trust as well
- Up our cash savings to 20k

What else do we need to do?

TW ahead

H is currently undergoing genetic testing to see if he has a mutation that will cause him to get ALS. It is looking increasingly likely that his families mutation is unknown, and we will not know his status. As such, he would be at a 50% likelihood of getting the disease. His dad passed at 55, his uncle will be early to mid 60s in all likelihood. I want to make sure we have as much taken care of as possible.

[jlt19]

I'm sorry you're facing that possibility. That's got to be terrifying.

Is the $250k just on you? Or on each of you? I would definitely make sure that is done before he finishes the testing b/c of how much more it'll cost if he has negative results.

Definitely a trust for the kids, and you'll need to designate who will be their guardian, as well as the distributor of the money (I would choose different people if possible). Also medical directives. This can all be done when you meet with someone about a will. We did it and it was around $500. We got a questionnaire from the attorney prior and then it took accouple of hours there.

What's the purpose of the cash savings? Not that I think it's a bad idea, just curious what it's intent is, and why that number.

The only other thing I can think of is things about the kids. Letters he may want to start writing now? I write one to each kid every year on their birthday. Or maybe anything you don't really know how to do that he takes care of? I keep a list of things for DH because I basically manage everything (bills/money/etc) and I know he'd be lost without me (he'd figure it out but it'd be overwhelming at first).

Again, I'm sorry you're facing this. I do these things because I'm anal and worry about everything, I couldn't imagine having to do it for a real reason

[hamster]

The life insurance is for both of us. I was surprised they did not ask about genetic testing, and only care about parental cancer or heart disease.

Who do I talk to about getting this all set up? An estate attorney? Can you just email and ask how much something like this would cost?



Cash savings is just for me. I want around a year of mortgage payments available while we would wait for inheritance, find a job, etc. It's a low number in all reality, but I'm comfortable with it.

Thankfully even if he were diagnosed tomorrow we would still have some time to get me up to speed on a lot of stuff, though most is physical labor. We have a document with all of our bank passwords and stuff already, which is mostly for him.

[samanthamkm]

I'm a SAHM and we have about half a million policy for my life insurance. My husband has about $750+k. I'm not exactly sure how much his work has on him. We wanted to make sure we had enough to pay debt, mortgage, and kids college with the life insurance policy on each of us. As we get out of debt and get college funds built up we will lower our policies.

[wesleycrusher]

Not sure if your husband has this through his job, but when we had our will done we went through the EAP at my work. They gave me a name of a local lawyer who offered a discount through them.

[hamster]

Feb 29, 2020 10:29:11 GMT -5 wesleycrusher said:

Not sure if your husband has this through his job, but when we had our will done we went through the EAP at my work. They gave me a name of a local lawyer who offered a discount through them.

He says they only do drug and alcohol stuff apparently.

I just saw our bank offers this service, so that seems like a good place to start.

[Wallflower]

To me, $250k seems low, even with the additional work insurance. The work insurance should be considered bonus - if he stays at that job, he gets it, but if he changes jobs will he have something as good? Also consider that if he gets ill, you could have some very large medical bills.

[illgetthere]

Social security will pay minors a monthly benefit in the event of parental death or disability. Also, my mom received my stepfather's LI payout within a few weeks of his death.

Other than that, I would just call a few lawyers and ask prices. My work offers a legal plan for $9/pay period that covers will and trusts. My dad purchased a "package" from an attorney that was around $1200 if I remember right

[ohgillian]

I'm really sorry you're dealing with that health uncertainty for your H.

Also, I want to echo everyone who thought that amount of life insurance sounds too low. What Wallflower said is basically spot on. What I tried to think about for me and H isn't just that one of us could drop dead -- but that instead one of us could have a long expensive illness and THEN die. That possibility is what has kept me from cancelling our super-expensive life insurance and just calling us self insured.