Getting Affairs in Order

[fsu1jreed]

At what age did everyone do this? What exactly did you do?

As for me:

• 45
• I have life insurance that will more than pay off the house and what debt I have
• I have a 'Living Will' & 'Designation of Healthcare Surrogate'

I don't have a Will and was wondering what would be the easiest & cheapest way to go about it and what else would I need so if something happens everything would be taken care of so my family has to do as little as possible.

 

[JohnnieHolmesNole]

At what age did everyone do this? What exactly did you do?

As for me:

• 45
• I have life insurance that will more than pay off the house and what debt I have
• I have a 'Living Will' & 'Designation of Healthcare Surrogate'

I don't have a Will and was wondering what would be the easiest & cheapest way to go about it and what else would I need so if something happens everything would be taken care of so my family has to do as little as possible.

I have no idea what you have, but why go "easy and cheap" if your goal is to (paraphrase) "take care of my family so they have to do as little as possible"?
Unless you have some really significant assets -- and, respectfully, I'll assume you don't -- the difference between a "good" estate plan and a "cheap" one is relative peanuts.

What gets costly is when something is screwed up, and you get sucked into litigation, tax penalties, etc. The cost of effective pre-death planning is quite small.....the cost of later fixing a mistake can be enormous, and it will shape the way your loved ones remember you. Spend the money. Hire a reputable estate planning attorney. The cheapest is rarely the best. Do it right.

 

[DFSNOLE]

The wife and I are both 57 and put off getting with an attorney until 2 or 3 years ago. Really no reason other than laziness. Put our accountant, financial adviser and attorney together and they worked out the details.
I'm glad that's behind us now.

 

[NDallasRuss]

Unless you have some really significant assets -- and, respectfully, I'll assume you don't...

Whoa man - this is the LR, not the Daffodil Room at the Holiday Inn!!

 

[SoddyNole]

Never cheated on my wife and do not plan to.

 

[EveryoneBleedsGarnet]

Hard to keep all of my affairs in order. I usually prioritize them by attractiveness though.

 

[BOwens21]

Wife and I are 34 and we got our will and living will put together shortly after we had our first kid. He's 8 now. We did have to get the will modified when we had our second. At my old job we had a prepaid legal service. A law firm that they use did the paperwork for us.

 

[Fijimn]

At what age did everyone do this? What exactly did you do?

As for me:

• 45
• I have life insurance that will more than pay off the house and what debt I have
• I have a 'Living Will' & 'Designation of Healthcare Surrogate'

I don't have a Will and was wondering what would be the easiest & cheapest way to go about it and what else would I need so if something happens everything would be taken care of so my family has to do as little as possible.

Easiest and cheapest way to execute a proper will is to go to a local sole practitioner. Most wills are pretty formulaic (i.e., when I die, all my stuff goes to my wife, if my wife predeceases me, it goes to my kids per stirpes). Because you own your home, the will makes it easier to transfer title. Unless you plan on having over $5.49 million in assets when you die, don't have to worry about taxes.

 

[fsu1jreed]

The only asset I have is my house, no stock, bonds, etc (Yes I know, I'm poor white trash).........I know I can go online to Legal Zoom, etc. and get a will done, but I just wanted to check to make sure I'm not missing anything.

Hard to keep all of my affairs in order. I usually prioritize them by attractiveness though.

Nicely played.

 

[TexSkills]

I bought a sizable life insurance policy before my first child was born. My brother-in-law is an attorney and one of his specialties is estate planning. He helped me out with a will for free.

 

[fsu1jreed]

I bought a sizable life insurance policy before my first child was born. My brother-in-law is an attorney and one of his specialties is estate planning. He helped me out with a will for free.

I have a close to 200K life insurance policy through my work which will more than cover my house (the only thing I'm really worried about), etc.

 

[West Duval Nole]

At what point would you consider not having life insurance. Let's say you have X amount in 401k and IRA, would you not need life insurance?

When you do have insurance, what amount do you need? Should it be based on your salary, debt or some combination of both?

I am at a point just recently where my only debt is a vehicle and house. I am 43 soon to be 44. I have about 4x my salary between my Roth IRA and 401k.

I also have some cheap ass Group Universal Life Insurance through my company that is for 2x salary.

The 2x salary would pay off what's left on the house and car and funeral expenses and still have a little bit left. And the Roth and 401k would still be there. Plus my wife works.

So with that my priority is to make sure I am contributing the max to my Roth IRA. I also contribute what my company matches to my 401k. Accumulate 6 months of expenses in my savings account before I would consider getting additional life insurance. And then at that point I would probably just take whatever amount I would spend on life insurance and put that additional amount into my 401k or other investment account.

 

[Funk#49]

I worry and stress over things like this but I don't know why. Just my nature I guess. I've just never been good with money and thinking long term......always just looking at what's around the corner. But my wife is quite a bit younger than me (14 years), has a good job, and is extremely good with money and investments. She'll be fine.

We're 100 % debt free although we do rent. We keep looking at homes but we both like to travel more than wanting to be tied to a large house payment. I do have the same $200 k policy through work but if I get killed on the job that goes up to 5X my annual compensation......so she's got that going for her..............

 

[goldmom]

I have a close to 200K life insurance policy through my work which will more than cover my house (the only thing I'm really worried about), etc.

JReed, you're not married and have no children, right? Why would you care what happens to your house after you're gone?

 

[SeaPA]

I worry and stress over things like this but I don't know why. Just my nature I guess. I've just never been good with money and thinking long term......always just looking at what's around the corner. But my wife is quite a bit younger than me (14 years), has a good job, and is extremely good with money and investments. She'll be fine.

We're 100 % debt free although we do rent. We keep looking at homes but we both like to travel more than wanting to be tied to a large house payment. I do have the same $200 k policy through work but if I get killed on the job that goes up to 5X my annual compensation......so she's got that going for her..............

So she knows to have the hit man do the deed while you're on the clock, right?

 

[Funk#49]

So she knows to have the hit man do the deed while you're on the clock, right?

It may be more than a little telling that I've never shared this fact with her. Lol.

 

[TallyNole93]

I don't have life insurance. Owe around 30K on house and about 10K on 2 vehicles. My investments would easily cover that debt and still have a nice chunk for the wife. Have about 150K equity in the house. I have no children, so whole estate will go to my wife. If she dies first, it all goes to our church.

 

[West Duval Nole]

I don't have life insurance. Owe around 30K on house and about 10K on 2 vehicles. My investments would easily cover that debt and still have a nice chunk for the wife. Have about 150K equity in the house. I have no children, so whole estate will go to my wife. If she dies first, it all goes to our church.

Does your church know this? If so, you and your wife's lives could be in danger.

 

[seminole97]

Unless you plan on having over $5.49 million in assets when you die, don't have to worry about taxes.

Have they (IRS) decided how to assess a bitcoin wallet? If it had a current exchange value in excess of 6mm, do they expect you to sell some of it for dollars upon transfer and pay them for the privilege of slipping this mortal coil?

 

[TallyNole93]

Does your church know this? If so, you and your wife's lives could be in danger.

Ssshhh. Mum is the word.

 

[FSUTribe76]

JReed, you're not married and have no children, right? Why would you care what happens to your house after you're gone?

To an extent I agree. There’s only one important thing.

Jk. Mine is pretty tame.

 

[TallyNole93]

I have my browser history set to delete on exit.

 

[Fijimn]

Wife and I are 34 and we got our will and living will put together shortly after we had our first kid. He's 8 now. We did have to get the will modified when we had our second. At my old job we had a prepaid legal service. A law firm that they use did the paperwork for us.

At what point would you consider not having life insurance. Let's say you have X amount in 401k and IRA, would you not need life insurance?

When you do have insurance, what amount do you need? Should it be based on your salary, debt or some combination of both?

I am at a point just recently where my only debt is a vehicle and house. I am 43 soon to be 44. I have about 4x my salary between my Roth IRA and 401k.

I also have some cheap ass Group Universal Life Insurance through my company that is for 2x salary.

The 2x salary would pay off what's left on the house and car and funeral expenses and still have a little bit left. And the Roth and 401k would still be there. Plus my wife works.

So with that my priority is to make sure I am contributing the max to my Roth IRA. I also contribute what my company matches to my 401k. Accumulate 6 months of expenses in my savings account before I would consider getting additional life insurance. And then at that point I would probably just take whatever amount I would spend on life insurance and put that additional amount into my 401k or other investment account.

Firm buys a policy for 3x's salary and threw another half mil on top. Always skeptical when the wife wants me to lean over the banister to reach something

 

[nynole1]

At what point would you consider not having life insurance. Let's say you have X amount in 401k and IRA, would you not need life insurance?

When you do have insurance, what amount do you need? Should it be based on your salary, debt or some combination of both?

I am at a point just recently where my only debt is a vehicle and house. I am 43 soon to be 44. I have about 4x my salary between my Roth IRA and 401k.

I also have some cheap ass Group Universal Life Insurance through my company that is for 2x salary.

The 2x salary would pay off what's left on the house and car and funeral expenses and still have a little bit left. And the Roth and 401k would still be there. Plus my wife works.

So with that my priority is to make sure I am contributing the max to my Roth IRA. I also contribute what my company matches to my 401k. Accumulate 6 months of expenses in my savings account before I would consider getting additional life insurance. And then at that point I would probably just take whatever amount I would spend on life insurance and put that additional amount into my 401k or other investment account.

From what I know, you are in pretty good shape. My wife and I have life insurance in the amount of $2MM each for 30 years, that would cover what remains on the mortgage, replace either one of our lost incomes for about 15 years and, most importantly, cover our ten month old son until he is done with college. I think that's what's most important: if you have kids, make sure you can cover them through school without burdening those you left behind.

 

[fsu1jreed]

JReed, you're not married and have no children, right? Why would you care what happens to your house after you're gone?

If I go before my Mom I want to make sure she is taken care of, she lives with me (little in-law suite in the back), not including my brother and sister (I was first in my family to buy a house). Plus, I do have a niece and nephew that I would like to take care of.

 

[RunRonnieRun]

Wife and I did our first wills and living wills shortly after marriage. Have updated with each kid. Also carry a couple million each in term life insurance.

In addition to having the wills and insurance policies it's important for everyone involved to know you have them and know where to access them when you check out.

 

[cjnoles9399]

In addition to having the wills and insurance policies it's important for everyone involved to know you have them and know where to access them when you check out.

Definitely. It's a weird exercise basically putting all your life/death and family on paper but a good one nonetheless. Our child's guardian has copies of the pertinent pages of our wills and our administrators know the code to the safe. In there they will find all of the "in case of death" instructions--from where to send our child to closing out the electric bill.

 

[DanC78]

When learned that we were having a child.

It breaks up the insurance money and designates who will raise kids if my wife and I go out at the same time.

Needs to be updated now that I think about it.

 

[HulaNole]

Jreed, you doing Ok, Buddy? On one hand the subject of the thread is important but I also just wanted to check. I hope you don't take it the wrong way but it's better to ask. You can tell me to buzz off and I'll understand and go turn up some TOOL and that's Ok. Still worth asking.

 

[cmanole]

Best not to have a will of you don't have lots of stuff. Simiply having beneficiaries on everything is sufficient. If you have a will, the estate becomes responsible for your debts. If you don't have an estate then only your spouse or whoever you might have cosigned with is...

 

[Finance85]

Hard to keep all of my affairs in order. I usually prioritize them by attractiveness though.

Is your avatar evidence of how you prioritize? Hey, I'm not judging...

 

[EveryoneBleedsGarnet]

Is your avatar evidence of how you prioritize? Hey, I'm not judging...

What can I say? Some sharks are hotter than others.

 

[FreeFlyNole]

I got a will done as soon as I had my first kid and then I have had trusts done for each of the kids. I also have a lot of things that I want catalogued in the trusts. I was 38 when I finished that up.

I don't have a ton of life insurance, but I own my house and have no debt, and I have a 529k for each kid. I'll be 42 next year. So the half million or so that I do have should bridge the gap for my wife until she finds another lug head like me to take over. Then she would get the cash and 401k and stocks I have. Which isn't quite enough to induce a murder for hire plot out of her.

Widows get a better tax rate than I do on property so my wife should be able to stay ubtil she wanted to sell vs being forced to.

 

[Gonolz]

The most important thing about getting your affairs in order for the end is not to play a prevent defense.

 

[SeaPA]

The most important thing about getting your affairs in order for the end is not to play a prevent defense.

So you think Free should go with an attacking D, and knock that beach off before she can take him out?

 

[billanole]

So you think Free should go with an attacking D, and knock that beach off before she can take him out?

There used to be a poster who said, "When in doubt, knock 'em out!"
Somebody Chris...?
Gotta wonder if his affairs are in order.

 

[jaxnole77]

Best not to have a will of you don't have lots of stuff. Simiply having beneficiaries on everything is sufficient. If you have a will, the estate becomes responsible for your debts. If you don't have an estate then only your spouse or whoever you might have cosigned with is...

So, if (1) all of my debt is mine alone and I am single, (2) I am one of the LR poors and (3) all of my children are grown, no when-I'm-gone planning is needed.

 

[RunRonnieRun]

So, if (1) all of my debt is mine alone and I am single, (2) I am one of the LR poors and (3) all of my children are grown, no when-I'm-gone planning is needed.

No. That’s terrible advice. You need a will.