Do you have a will? Life Insurance? Please Read!

[silkiechicken]

Yep, all the older people here have wills around here. My dad bought me term life insurance, for something like 70 years, when I was one or two. I'm good.

 

[wegotchickens]

Quote:
The living will requires very specific language in order to be valid and effective. If it's not done entirely correctly, the doctors and hospitals can ignore it. Your well meaning relatives can have it overturned. Be safe and have an attorney do one for you.

If you had one done several years ago, check with an attorney to see if it needs updating. The required language changes every few years.

Sarah

We definitely have it planned to see an attorney over these things. Want to make sure it's all done correctly! To save time & money, we thought about doing the research and writing things out, so review and notarization would be all that was required.

And I made DH refinance the house with my name on the deed, too! *Just in case.* Seems like it takes forever to get in to see an attorney, but a bank... they'll do what they gotta to snap up the business. Saved on interest, too

 

[patandchickens]

Excellent topic!

Just two thoughts to toss in about the life insurance thing. First, buying a whole life policy in childhood ONLY helps you if you absolutely unfailingly guarantee never missing payments. If it lapses, all that you've paid is money down the drain. That is of course a large part of the incentive for insuarnce companies to sell these sorts of policies -- they know that a huge number of people will *not* keep up payments (after all, an entire lifetime is a long, long time never to have a screwup, or a dry spell in your bank account...), which means a tidy profit. I'm not saying don't do it, I'm saying think carefully about that angle.

Second, for anyone reading this who is already somewhere in the middle of life and thus not GONNA get a meaningful-sized whole life policy for $300 a year or anything like that, it is worth thinking seriously about term life insurance. This is especially relevant if you have a family. You can take into account how old the kids (current or hypothetical) will need supporting before they turn 18; how long your mortgage runs; how long it might take a surviving spouse to get their feet under themselves for independant support; how much retirement savings and other assets you have; etc. Term life is typically less expensive (for a given policy amount) and for many people may turn out to meet your needs more sensibly. Everyone's situation is different, of course.

Just a thought,

Pat, who REALLY REALLY needs to drag DH to lawyer sometime to have a will written (believe me I've been trying), but with enough term life on me to take care of child care expenses til youngest is 12 yrs old if I should pop off unexpectedly, and with enough term life on DH to pay off mortgage and provide a few years of living expenses if *he* should.

 

[cackleberries]

Quote:
THIS IS A GOOD STATEMENT. WHEN MY DAD PASSED HE HAD A HAND WRITTEN WILL. IT DID NO GOOD WASN'T VALID IN ARKANSAS,HOWEVER WHEN HE WROTE IT IN CALIFORNIA IN LIKE 1970 IT WAS ALL THAT WAS REQUIRED. SO BE VERY CAREFUL ABOUT YOUR STATE LAWS. EACH STATE IS VERY DIFFERANT.

THIS THREAD IS DOING A GREAT JOB OF MAKING PEOPLE AWARE THOUGH THANK YOU FOR GOING ON A LIMB AND HELPING PEOPLE REALIZE THIS IS A REALITY WE ALL TO OFTEN IGNORE.

 

[skirbo]

Quote:
I'm sorry that happened to your family. I think it's actually worse to go through that - when what you thought was a valid will isn't and the wishes of the decedent are ignored - than to have no will at all.

And sadly "you" will never be aware that what you thought was a valid Last Will and Testament wasn't. It's your heirs' lawyers' problem to sort out when all is said and done.

Sarah

 

[HennysMom]

Chook -

sorry, today's the first day I've logged back on - been down for the count with a kidney stone

if you PM me your email addy - I will provide you with the actual will I have - that way you wont have to retype it, I'll delete all the private info and just leave the standard information for you. HOWEVER - pull up your state laws pertaining to estate wills and codes (you should be able to do it easily, its how I did it) and make sure that everything applies - if not, you can change it and/or take it into a lawyer for review. Either way, its a start. You should be able to find the same thing I did (an actual will written by a lawyer - not a "kit") online. If you cant, let me know and I'll try to help you (just need your state). It took me about a day to find it (have to know where to look and what to type in to get those "key" words). I believe its a pretty standard straight forward will however - and is upholdable in every state, unless it cites specific state codes, but again, you'll have to consult your estate laws and/or a lawyer. I've just read mine through (its 5/6 pages) and is very standard except for certain codes pertaining to VA law.

Yes, the free online will kits are a good start - however mine was actually drawn up by an estate lawyer from my state - I found it online. I couldnt cut and paste it - so I had to print and retype it. Had my laywer friends (who are not estate lawyers, but..know the law) review it and its solid. I also conferred with Estate lawyers in my state (VA) regarding what is legal for a will, and yes, for VA as I stated, a handwritten will will suffice and will uphold in a court of law so long as its not signed by family members as your witnesses - and notarized is better than non-notarized, but it is not necessary - for Virginia.

Check with your state laws. They're all available online for free - its public info

.

PM me - I need to edit my will as it is since my father passed away and my daughter is now 18...many things change now with guardianship for her, but not my son.


Deb