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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Beach_Stache on March 15, 2020, 05:47:41 AM

Title: Mustacian Will & Other Documentation
Post by: Beach_Stache on March 15, 2020, 05:47:41 AM
Hi all,
I realize I'm thinking about this more due to COVID but I haven't prepared any legal documents for DW and Myself in case of issues.  I track all of our finances and DW knows where everything is, we are listed as beneficiaries on financial accounts, but need to update to have our kids on there as well.  I have looked at legal documentation like Will and Living Trust, but really don't know what I need and the cost of hiring someone seems non-mustacian.  I know there are free sites and services out there but I just don't know where to start.  DW and I have 3 boys (11, 9, 6) and we know where our kids are going, my sisters and I have all discussed and we are all in the loop.  They are all well off (better than us probably) so I don't see any issues with family fighting or anything, but I know legally it could be an issue if they decided they did want to one day.

Any help with free (or low cost) documentation and what exactly I need?  Or links or books to read?  We basically have TSP, 401k, Roth's, 529's, post-tax, savings/checking accounts and the house that are our assets, all that we will want to leave to our kids, and I guess to my sister if the event of our demise before our kids were of age.  What I have not really thought of is if we wanted to do a Trust fund to distribute money over time so our kids did not receive a windfall of money.

Any help is much appreciated!
Title: Re: Mustacian Will & Other Documentation
Post by: Morning Glory on March 15, 2020, 07:54:21 AM
If either of you work at a large Corp or nonprofit you might have some will-writing benefits as part of your eap, discount program, or legal assistance. This is not always widely known so you might have to comb through your hr website to find out.
Title: Re: Mustacian Will & Other Documentation
Post by: Kl285528 on March 15, 2020, 09:30:54 AM
My credit union offered a great service at a reasonable price - included a meeting the attorney who drafted all of the documents - granted, most of it is a form document, but the attorney makes sure it is done correctly, and quickly and efficiently helps you with any tweaks you want to make, and asks relevant questions that may not have occurred to you - well worth the fee - too much at stake to foul it up as a DYI