Author Topic: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.  (Read 68204 times)

meerkat

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Have you been thinking about getting a will but haven't gotten around to it? Or life insurance? Or naming a guardian for your child? This is the place for you!

Everyone's journey is going to be a little bit different so I'm going to leave this a more flexible challenge where you create your own specific goals, similar to the fitness thread. When you post, please let us know what stage of the game you're at and what you'd like to try to accomplish, even if that means "figure out what I need to accomplish".

Welcome!


Bracken_Joy

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #1 on: November 13, 2017, 08:43:53 AM »
Yes, I need to do this! My living will is woefully out of date- lists an ex boyfriend =o And I've been married for years now! Plus, now that we have a mortgage, I would like to get life insurance sorted. We don't have kids, so the will is less of an issue, but there's still shit I need to sort!

Goals:
-Get a written list of all my accounts, (CC, bank, the two tiny freebie life insurance policies paid for by our credit union, investments, etc) so if anything happens to us it's all in one place
-Make sure beneficiaries on all my accounts are correct and updated
-Sort life insurance (gulp)
-Do living wills for husband and myself. (this should be easier, since we've already done the tough conversations part of it)

SuperSecretName

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #2 on: November 13, 2017, 08:53:57 AM »
shoot, i really need to do this.

How much should I budget for a real attorney (not legalzoom)?

lexde

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #3 on: November 13, 2017, 08:56:16 AM »
Hey, thanks for the reminder! I have a folder on my computer called “It’s Time to Adult” where I have drafted a POA, Will, Pour-Over Trust, and Living Will, but haven’t actually executed everything in it yet. So I need to get on that.

Me: 27F Attorney.
Status: Single.
Net Worth: -3k.

• Have a POA drafted but not executed.
• Have a will drafted but not executed.
• Have a pour over trust drafted but not executed.
• Have a living will/advanced directive drafted but not executed.
• Term life insurance needs additional blood work before they will finalize my policy.

I guess I should keep all of my financial accounts, passwords, medical cards and information, and other important info somewhere but I’m not sure where at this point. May be time to invest in a safe deposit box. I’m sure one of my banks will give a discounted or free SDP based on my assets. But I’m also thinking I should just make a binder and keep it at home just in case.

lexde

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #4 on: November 13, 2017, 09:04:28 AM »
shoot, i really need to do this.

How much should I budget for a real attorney (not legalzoom)?
Depends on your area. Call a few law firms in your area (check avvo.com first for reviews if in the US) and get a general idea of what they would charge.

SuperSecretName

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #5 on: November 13, 2017, 09:19:19 AM »
shoot, i really need to do this.

How much should I budget for a real attorney (not legalzoom)?
Depends on your area. Call a few law firms in your area (check avvo.com first for reviews if in the US) and get a general idea of what they would charge.
Can I just ask for the "adult" package?

It is just will (living and dead) and POA?

Apples

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #6 on: November 13, 2017, 09:25:26 AM »
Yeah I'm jumping in.  DH and I are childless (but plans in the next 2 years or so), have retirement, taxable, and bank accounts, I have a small life insurance through work, and we have no health paperwork set up.  This is our (my) winter project.  Not looking forward to it.

lexde

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #7 on: November 13, 2017, 09:28:25 AM »
shoot, i really need to do this.

How much should I budget for a real attorney (not legalzoom)?
Depends on your area. Call a few law firms in your area (check avvo.com first for reviews if in the US) and get a general idea of what they would charge.
Can I just ask for the "adult" package?

It is just will (living and dead) and POA?
It honestly depends on what your needs are, and any attorney worth their salt will review your personal situation and determine what you actually need. If the attorney has good reviews (I like avvo because attorneys and clients are both able to review so you get a better picture of the attorney’s full reputation) then they probably won’t take you for a ride and offer a bunch of stuff you don’t need. Just tell them you need assistance with estate planning and getting your affairs in order and they will be able to take a look. Generally people just need POA, advanced directives/living will, and a will. But if you have kids, or pets, or specific needs, that may change. You may want a different financial POA than medical if one of your family members is good with money, but you’re afraid they won’t pull the plug or authorize the care you want. An estate planning attorney will have a lot of insight into common issues and what specific tools would help you meet your goals. And a good estate attorney’s advice is worth their weight in gold. Shop around, and if the first attorney you talk to doesn’t sound engaged or personally interested in your goals, move on to the next one. We are public servants (or should be, anyway) so if you don’t feel like they WANT to work for YOU move on to the next one.

PM me if you have any other questions and I’ll do what I can to help.

cchrissyy

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #8 on: November 13, 2017, 10:21:55 AM »
This was my goal for the new year and I did it! 
: )

I needed a Will, Trust, Power of attorney for medical decisions and financial stuff. I paid $2k for an estate lawyer to do it all properly. I'm a single mom and what I cared about the most was the trust for my assets to go to the kids when and how I them to, and selecting who will have the authority for medical decisions if I am incapacitated.

adjusted my life insurance situation

double checked beneficiaries everywhere

wrote a long letter of instructions for my family members regarding everything they'd need to know if I was incapacitated or passed away

backed up my computer, photo library, the letter mentioned above, etc .  1 copy stored in my house and 1 copy at a separate safe location.


The lawyer was recomended by a friend-of-a-friend and verified by yelp reviews. I really liked him at the free consult and felt the price was fair. Even though $2k is a lot, I felt confident he would do it right and the service was worth it to me.

Jessa

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #9 on: November 13, 2017, 10:27:47 AM »
Oh man, adulting. I have my 401k beneficiaries set up, and the majority of my cash assets are in a joint account with Husband, so there was only <$10k that would be problematic if I shuffle loose this mortal coil.

But.

We are building a house, which will increase the monthly expenses by enough that Husband would be hard-pressed to pay it on his own. And we are (I am) gestating a fetus that will require insurance and daycare and other costly things. So I need to get life insurance on at least myself to make sure Husband and Tiny Sparkles will be okay for a while. And then figure out who I'd dump the unborn kid on if we both croak. And then all those other things you guys are talking about. *sigh*

Bicycle_B

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #10 on: November 13, 2017, 10:29:11 AM »
Posted details in "Preparing for Senility?" thread.  Currently shopping for long term care insurance, though that's not a good deal for the average Mustache.

Thread:
https://forum.mrmoneymustache.com/ask-a-mustachian/preparing-for-senility/

Me:
https://forum.mrmoneymustache.com/ask-a-mustachian/preparing-for-senility/msg1764518/#msg1764518

Why LTCI (sorry about length):
https://forum.mrmoneymustache.com/ask-a-mustachian/preparing-for-senility/msg1767512/#msg1767512
« Last Edit: November 13, 2017, 10:36:22 AM by Bicycle_B »

PizzaSteve

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #11 on: November 13, 2017, 11:14:26 AM »
PTF.  Need trust & any assistance is helpful.

Sailor Sam

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #12 on: November 13, 2017, 11:31:17 AM »
Yes, I need to do this! My living will is woefully out of date- lists an ex boyfriend =o And I've been married for years now! Plus, now that we have a mortgage, I would like to get life insurance sorted. We don't have kids, so the will is less of an issue, but there's still shit I need to sort!

Goals:
-Get a written list of all my accounts, (CC, bank, the two tiny freebie life insurance policies paid for by our credit union, investments, etc) so if anything happens to us it's all in one place
-Make sure beneficiaries on all my accounts are correct and updated
-Sort life insurance (gulp)
-Do living wills for husband and myself. (this should be easier, since we've already done the tough conversations part of it)

Hey, heath care person! Can you help me understand the scerarios in which an Advanced Directives would kick in. Here's what I understand:

1. Brain Dead = the brainstem is farked, unplugging is a no-brainer (snirt!) and death is guaranteed because even the basic reflex for breath and heart beat is gone.

2. Persistent Vegetative State  = Coma = brain is profoundly damaged, but brainstem will keep the heart and lungs going. The person might also laugh, grimace, or cry, but all higher cognitive functions have stopped. People who are going to wake generally do so within 4 weeks, however extreme outliers have been known to exist. People can exist in this state for years, but generally die from pneumonia and get terrible pressure sores.For PVS there's nothing to 'unplug,' because basic reflexes remain intact. The Advanced Directive will need to specify no hydration or nutrition???

3. End-stage terminal illness. Death is going to occur, so heroic measures are kind of dumb, but palliative care can be requested. Advanced Directive will need to specify no life saving treatment (dyalysis), and have do not resuscitate orders, but request comfort care?

4. Dementia. Sucks. Euthanasia is illegal, so plan one final international trip.

Am I missing any scenarios? Obviously I'm not looking for incredible specifics, just situations in which my body might keep going when my mind is gone.


FireHiker

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #13 on: November 13, 2017, 12:36:03 PM »
Ok, I'm jumping in here, because it's egregious that we haven't done this. I had a will written up when I had just gone through my divorce and had one child. I have since remarried, had two more children, and my husband and I have substantial enough assets that we really need to get this done. Here are my goals:

-determine if we need a trust
-get trust (if deemed necessary) in place
-sort out will with guardianship clearly stated
-medical stuff (advanced directive? I know nothing on all this)

lemonverbena

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #14 on: November 13, 2017, 02:56:16 PM »
Sigh. Yeah, we need to do this, too. What are everyone's thoughts on just using an online template and having it notarized?

-will
-trust
-life insurance for spouse
-learn more about disability insurance
-advanced directives... does this include burial/cremation preferences?
- letter with instructions/passwords, etc.

thedigitalone

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #15 on: November 13, 2017, 03:23:41 PM »
Posting to follow, guilty as well, we don't have most of this in place.

Bracken_Joy

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #16 on: November 13, 2017, 04:15:53 PM »
Yes, I need to do this! My living will is woefully out of date- lists an ex boyfriend =o And I've been married for years now! Plus, now that we have a mortgage, I would like to get life insurance sorted. We don't have kids, so the will is less of an issue, but there's still shit I need to sort!

Goals:
-Get a written list of all my accounts, (CC, bank, the two tiny freebie life insurance policies paid for by our credit union, investments, etc) so if anything happens to us it's all in one place
-Make sure beneficiaries on all my accounts are correct and updated
-Sort life insurance (gulp)
-Do living wills for husband and myself. (this should be easier, since we've already done the tough conversations part of it)

Hey, heath care person! Can you help me understand the scerarios in which an Advanced Directives would kick in. Here's what I understand:

1. Brain Dead = the brainstem is farked, unplugging is a no-brainer (snirt!) and death is guaranteed because even the basic reflex for breath and heart beat is gone.

2. Persistent Vegetative State  = Coma = brain is profoundly damaged, but brainstem will keep the heart and lungs going. The person might also laugh, grimace, or cry, but all higher cognitive functions have stopped. People who are going to wake generally do so within 4 weeks, however extreme outliers have been known to exist. People can exist in this state for years, but generally die from pneumonia and get terrible pressure sores.For PVS there's nothing to 'unplug,' because basic reflexes remain intact. The Advanced Directive will need to specify no hydration or nutrition???

3. End-stage terminal illness. Death is going to occur, so heroic measures are kind of dumb, but palliative care can be requested. Advanced Directive will need to specify no life saving treatment (dyalysis), and have do not resuscitate orders, but request comfort care?

4. Dementia. Sucks. Euthanasia is illegal, so plan one final international trip.

Am I missing any scenarios? Obviously I'm not looking for incredible specifics, just situations in which my body might keep going when my mind is gone.

I will start with links. It sounds like you pretty much have the gist of it though.
https://www.nia.nih.gov/health/advance-care-planning-healthcare-directives
https://www.cancer.org/treatment/finding-and-paying-for-treatment/understanding-financial-and-legal-matters/advance-directives/types-of-advance-health-care-directives.html

Important quote, IMO: "There’s no general agreement for recognizing living wills from other states. If you spend time in more than one state, you should create separate living wills, or make sure that your living will meets the requirements of all the states you spend a lot of time in."
and
"A living will is much more limited than a health care power of attorney. Both apply only when you are unable to speak for yourself, but the living will takes effect only if you are terminally ill or permanently unconscious. The living will gives written instructions about certain things that might happen. But it can’t possibly cover every health care situation that could come up, and it may not cover your situation when you need it. With most types of living wills, you can’t choose an agent or proxy to make decisions for you, and no one is appointed to be sure that your wishes are carried out. That’s why you need a health care power of attorney also (discussed later)."

To be honest? Based on my (limited) time in the ICU, from what I've seen, is that it is WAY more important to get on the same page as your spouse (or whoever you set up as your medical power of attorney). Situations ARE very distinct, hardly anything is 'textbook'. So it's important that your POA has a sense of what you would want, so that they can make a 'good guess' when you *can't* be specific. If that makes sense. Not that it isn't still a very good idea to have your advance directive (AD) in place, but it doesn't cover all situations for sure.

I've also read recommendations to have a little AD printed out in your wallet. I would add to this: for the love of all that is holy, if you take anything other than like... multivitamins... have a med list on you all the time!

So that's a good one to add: if your phone has one of those little "emergency ID" lock screens, put your meds on there! Especially any heart meds, insulin, stuff like that is super important. If an accident happens, it's likely some care will be provided before the medical provider can get in touch with your medical decision maker/family.

Ummm I might have gotten off topic. Still, hope some of that helps?

gggggg

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #17 on: November 13, 2017, 06:32:38 PM »
I have one of the nolo willmaker sets 95% done. I got hung up on some small details and never finished it. I plan to get on it during my next stretch off work.

pbkmaine

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Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #18 on: November 13, 2017, 06:33:44 PM »
As a CFP(r), I want to urge people to use a trusts and estates attorney rather than an online will service. T&amp;E attorneys know the right questions to ask, and you don’t. Second, there are lots of small fiddly things about estate planning documents, and they vary considerably from state to state. This is NOT a place to cut corners.
As far as living wills or “five wishes” or POLST forms go, ask your MD. They probably have a form they are comfortable with. Fill it out, keep a copy with them, and make sure you have a copy in your bug-out bag.

lexde

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #19 on: November 13, 2017, 07:03:23 PM »
Yes, I need to do this! My living will is woefully out of date- lists an ex boyfriend =o And I've been married for years now! Plus, now that we have a mortgage, I would like to get life insurance sorted. We don't have kids, so the will is less of an issue, but there's still shit I need to sort!

Goals:
-Get a written list of all my accounts, (CC, bank, the two tiny freebie life insurance policies paid for by our credit union, investments, etc) so if anything happens to us it's all in one place
-Make sure beneficiaries on all my accounts are correct and updated
-Sort life insurance (gulp)
-Do living wills for husband and myself. (this should be easier, since we've already done the tough conversations part of it)

Hey, heath care person! Can you help me understand the scerarios in which an Advanced Directives would kick in. Here's what I understand:

1. Brain Dead = the brainstem is farked, unplugging is a no-brainer (snirt!) and death is guaranteed because even the basic reflex for breath and heart beat is gone.

2. Persistent Vegetative State  = Coma = brain is profoundly damaged, but brainstem will keep the heart and lungs going. The person might also laugh, grimace, or cry, but all higher cognitive functions have stopped. People who are going to wake generally do so within 4 weeks, however extreme outliers have been known to exist. People can exist in this state for years, but generally die from pneumonia and get terrible pressure sores.For PVS there's nothing to 'unplug,' because basic reflexes remain intact. The Advanced Directive will need to specify no hydration or nutrition???

3. End-stage terminal illness. Death is going to occur, so heroic measures are kind of dumb, but palliative care can be requested. Advanced Directive will need to specify no life saving treatment (dyalysis), and have do not resuscitate orders, but request comfort care?

4. Dementia. Sucks. Euthanasia is illegal, so plan one final international trip.

Am I missing any scenarios? Obviously I'm not looking for incredible specifics, just situations in which my body might keep going when my mind is gone.
Not Bracken_Joy, but...If you’re female, all of those items while pregnant, or whether pregnancy changes your directives.
Resuscitation. Mechanical ventilation. Tube feeding. Dialysis. Antibiotics/antiviral and whether you want aggressive infection treatment at end of life. Palliative care. Organ donation. Donating your body.

KMMK

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #20 on: November 13, 2017, 07:44:01 PM »
I'm so guilty here. I tell my clients to do this, made up an extensive list for the instructions part, get other people to fill it out including my husband. But I haven't finished my portion yet.

POAs are good. Will is on the backburner as most of our assets transfer directly and neither of us care if we're both dead. Probably leaving a mess for someone though. I know we should get it done.

Astatine

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #21 on: November 13, 2017, 11:08:32 PM »
PTF so I don't lose this (will come back later, read and post).

Sailor Sam

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #22 on: November 14, 2017, 10:34:00 AM »
As a CFP(r), I want to urge people to use a trusts and estates attorney rather than an online will service. T&amp;E attorneys know the right questions to ask, and you don’t. Second, there are lots of small fiddly things about estate planning documents, and they vary considerably from state to state. This is NOT a place to cut corners.
As far as living wills or “five wishes” or POLST forms go, ask your MD. They probably have a form they are comfortable with. Fill it out, keep a copy with them, and make sure you have a copy in your bug-out bag.

I love you!

meadow lark

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #23 on: November 14, 2017, 12:10:39 PM »
Filled out my forms today. 
My Healthcare Directive says comfort care only (if my MD believes me to be terminal, of course).  I promise to do it the right way with a lawyer if Stingray passes, or I expect to die soon, or I am 70 or over.  Not letting perfect be the enemy of good.
« Last Edit: November 14, 2017, 12:13:28 PM by Meadow Lark »

SisterX

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #24 on: November 14, 2017, 12:38:07 PM »
PTF, because as parents this is something we need to do. However, HusbandX signed up for the life insurance offered through his company so we're good to go on that. (If I died he'd be pretty well set in terms of income. The opposite would not be true currently, and probably not until BabyX, still in utero, is in or beyond preschool.)

Jessa

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #25 on: November 14, 2017, 05:45:44 PM »
I went to HR and got the card today to call about getting supplemental life insurance. (The company automatically insures me for 2x my annual salary, but I'm not sure how long that would really take care of Husband and Tiny Sparkles without me. ) I didn't actually call yet, but...baby steps.

pbkmaine

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #26 on: November 14, 2017, 08:08:44 PM »
As a CFP(r), I want to urge people to use a trusts and estates attorney rather than an online will service. T&amp;E attorneys know the right questions to ask, and you don’t. Second, there are lots of small fiddly things about estate planning documents, and they vary considerably from state to state. This is NOT a place to cut corners.
As far as living wills or “five wishes” or POLST forms go, ask your MD. They probably have a form they are comfortable with. Fill it out, keep a copy with them, and make sure you have a copy in your bug-out bag.

I love you!

It’s mutual!

Astatine

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #27 on: November 15, 2017, 12:49:53 AM »
Still reading through and catching up but wanted to reply to this when I read it.

To be honest? Based on my (limited) time in the ICU, from what I've seen, is that it is WAY more important to get on the same page as your spouse (or whoever you set up as your medical power of attorney). Situations ARE very distinct, hardly anything is 'textbook'. So it's important that your POA has a sense of what you would want, so that they can make a 'good guess' when you *can't* be specific. If that makes sense. Not that it isn't still a very good idea to have your advance directive (AD) in place, but it doesn't cover all situations for sure.

I've also read recommendations to have a little AD printed out in your wallet. I would add to this: for the love of all that is holy, if you take anything other than like... multivitamins... have a med list on you all the time!

So that's a good one to add: if your phone has one of those little "emergency ID" lock screens, put your meds on there! Especially any heart meds, insulin, stuff like that is super important. If an accident happens, it's likely some care will be provided before the medical provider can get in touch with your medical decision maker/family.

Not a medical person but recently went through cancer treatment (surgery, chemo, radiation) and had a young friend die from cancer a year ago (young = early 30s).

I agree completely with BJ. I haven't got round to doing an advanced care directive yet but I have had MANY conversations with DH about my wishes if the worst were to happen.

A really important part of planning for this is getting comfortable with talking with your loved ones about the possibility of you or your loved one getting horribly sick or dying or whatever. It's unfun but necessary. DH used to turn pale (literally) if I even broached the subject of getting a will because he couldn't cope with thinking about me dying. But, I've perservered and he's now fine with fully frank and open conversations about end of life, dying and so on. I'm comfortable he knows that if I'm dying from cancer or have a severe brain injury, I do not want any heroics. Just let me go.

And +1 to keeping an up to date list of meds and critical medical conditions in your phone (and send a copy to your loved one for them to save into notes or something on their phone - DH has read out my meds more than once to emergency docs when I've been too sick to give a full medical history myself).

firelight

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #28 on: November 15, 2017, 01:13:03 AM »
PTF. We recently signed up for legal assistance through work and 2018 will be the year we sort it all out. We don't have a house or any real estate but have only liquid assets. Would a will be needed or can I just make my husband (and then my mom) the beneficiary so they get the money after I'm gone?

Astatine

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #29 on: November 15, 2017, 03:52:46 AM »
DH and I got our wills and POA done a couple of years ago. I got a recommendation for a good solicitor from another MMMer. She was excellent and I'm glad we went with her. Leaving everything to each other was the easy bit. Working out what we wanted to do if both of us die was a bit trickier - we knew what we wanted but didn't know how to write it up in a watertight way. I think it's cheap not frugal to buy a will kit instead of going to a good solicitor.

My gauntlet will have to be quite modest because I don't have many spoons at the moment:

- set up a bug out bag before the bushfire season fully hits - aim for end of November
- finalise our bushfire plan (I've downloaded the local app for fire plans and the app for showing nearby fires on my phone but haven't actually, you know, filled out the plan) - aim for end of November
- change my name on the mortgage and house title to my new name (I changed my name 4 years ago) - aim for end of year
- once I've changed the name on the house title, change my name on the utility bills (electricity, gas and water/sewage) - end of January

AccidentialMustache

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #30 on: November 15, 2017, 05:56:13 AM »
PTF...

Jessa

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #31 on: November 15, 2017, 12:37:01 PM »
I called the insurance company this morning. Waited on hold 10 minutes, gave up. Called back during lunch, gave them a call back number to return my call when they get a chance....that was an hour and a half ago. Not sure they want my business.

I'm figuring I need term life insurance, because the main concern is ensuring that Husband can afford the mortgage, insurance, and child care for Tiny Sparkles (and potential sibling) if I die unexpectedly in the next few years. My first thought is that 10 year term is probably fine, because we'll have a bigger stache and the kid(s) will only need before/afterschool care rather than full day. But maybe I should do 20 year, because by then they will both be out of the house? (Tiny Sparkles and imaginary second child)

cchrissyy

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #32 on: November 15, 2017, 12:46:14 PM »
Jessa, you can also stagger them. Get a 10 and 20 year policy, each for half the amount you really want. That way in years 1-10 you're covered for the full amount you want now and then in years 11-20 you have some insurance but not too much.     

When I got quotes, it was for a whole array of term policy values and timeframes, and I from there I put together exactly the package I wanted and was the best value.

Jessa

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #33 on: November 15, 2017, 12:49:39 PM »
Jessa, you can also stagger them. Get a 10 and 20 year policy, each for half the amount you really want. That way in years 1-10 you're covered for the full amount you want now and then in years 11-20 you have some insurance but not too much.     

When I got quotes, it was for a whole array of term policy values and timeframes, and I from there I put together exactly the package I wanted and was the best value.

Oooh, good call! Thanks!

WootWoot

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #34 on: November 15, 2017, 12:52:14 PM »
Spouse and I have done almost none of this stuff. We had the living will forms from our former MD and never filled them out. Now we have a new MD and he never mentions it.

I need to ask my sister and/or mom for a lawyer referral. Funnily enough, I used to work in the legal field, but I don't know anyone in it anymore who might do me a favor and cut me a break on price!

Sailor Sam

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #35 on: November 15, 2017, 02:22:33 PM »
I made an appointment with JAG for the 27th. And I've filled out all the paperwork for Last Will & Testament, Living Will, and Springing POA for both general and heath care.

I check marked being a organ donor, but explicitly stated in capital letters than I REALLY DON'T WANT MY FACE PEELED OFF AND PUT ON SOMEONE ELSE. Skin for grafting is cool, but for gawdsakes don't peel my face off. kthxbye.

Progress! 

Thegoblinchief

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #36 on: November 15, 2017, 03:28:20 PM »
Ashamed to admit we have three kids 7,10,11 and no will in place at all.

Would it be okay to use something like legal zoom as a stopgap until we could afford a proper attorney? Our situation is not complex, not sure what the cost difference is. (Obviously this varies by law firm and market.)

ACyclist

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #37 on: November 15, 2017, 04:56:06 PM »
I am so embarrassed.  No wills in place.  Net worth close to $500K  We do have some small life insurance policies, in the event of <gulp>  death.

Talking about death is very difficult for me.  So scary. 

BTW, no kids in the house, so we have that going for us.

topshot

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #38 on: November 15, 2017, 05:59:03 PM »
Talking about death is very difficult for me.  So scary.
What's so scary about death?

ACyclist

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #39 on: November 15, 2017, 10:21:43 PM »
Talking about death is very difficult for me.  So scary.
What's so scary about death?

...end game.  I don't like thinking about the end of the game. 

Linea_Norway

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #40 on: November 16, 2017, 01:35:26 AM »
Talking about death is very difficult for me.  So scary.
What's so scary about death?

...end game.  I don't like thinking about the end of the game.

I remember when  I was 12 years old or so that my father told me he wanted to be cremated after his death. I was very upset to hear that, obvious that was for thinking about his death. But if it matters for yourself what is being done with you after death, then it is good to think about it now.

I have chosen to be a donor of body parts, so I know I will be "used" up before my funeral. DH knows about it and is also a donor. We both haven't written down what is to be done with us after that, funeral/cremation. I want to be cremated and strewn out in some pretty place.

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #41 on: November 16, 2017, 01:58:55 AM »
Talking about death is very difficult for me.  So scary.
What's so scary about death?

...end game.  I don't like thinking about the end of the game.

I remember when  I was 12 years old or so that my father told me he wanted to be cremated after his death. I was very upset to hear that, obvious that was for thinking about his death. But if it matters for yourself what is being done with you after death, then it is good to think about it now.

I have chosen to be a donor of body parts, so I know I will be "used" up before my funeral. DH knows about it and is also a donor. We both haven't written down what is to be done with us after that, funeral/cremation. I want to be cremated and strewn out in some pretty place.

I'm quite comfortable talking about death and dying with DH but only because it's a bit abstract. When I got told earlier this year I have a one in five chance of my cancer returning and killing me, I freaked out for months and didn't cope.

topshot

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #42 on: November 16, 2017, 05:39:41 AM »
...end game.  I don't like thinking about the end of the game.
Fair enough. To me it's just the beginning. This is just the pre-game warmup. I'm looking forward to it.

SomedayStache

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #43 on: November 16, 2017, 06:57:04 AM »
Ashamed to admit we have three kids 7,10,11 and no will in place at all.

Would it be okay to use something like legal zoom as a stopgap until we could afford a proper attorney? Our situation is not complex, not sure what the cost difference is. (Obviously this varies by law firm and market.)
Same situation.  Same question.

Our situation is simple, been married since our teen years, no messy family situations.  I've figured the default way things get distributed after death will work for us.

Do we need a trust?  I've been letting the perfect be the enemy of the good.  We've also always had a better use for the unknown thousands of dollars it seems will be necessary to do things perfectly.

Apples

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #44 on: November 16, 2017, 07:41:22 AM »
Somedaystache, what is the plan for the kids if you both die?  Is it just up to the state/your family to figure out?  That's always what I think of as the main point of a will.

And growing up in a large family business, talking about estate planning has been regular.  Healthcare directives and the like, nope nope nope, but more like "if I get run over by a piece of equipment tomorrow, I know my family and the business will survive me".  Because when taking on this size of business, if the owner/operator dies without life insurance and a plan for how things will proceed, well it's likely the business that has been in the family for generations will not survive, the spouse will be forced to sell assets that are difficult to sell in order to fund life, and the family may have to move.  So it's considered responsible to discuss these things and get a plan in place.  Unfortunately it usually takes professionals to get everything in a neat bow.

And then my mom's mom is in her 80's and has put together the photo displays for her and her husband's funerals so the kids don't have to do it, and so she approves of all photos that will be going up.  She has openly discussed with her kids what they each want funeral-wise.  So maybe my family is a little weird.

SisterX

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #45 on: November 16, 2017, 10:30:53 AM »
And then my mom's mom is in her 80's and has put together the photo displays for her and her husband's funerals so the kids don't have to do it, and so she approves of all photos that will be going up.  She has openly discussed with her kids what they each want funeral-wise.  So maybe my family is a little weird.

At my wedding my mom specifically had the photographer do headshots of my mom and my dad with the intent that those would be the pictures used at the funeral. They were both dressed up and my mom had her hair and make up professionally done and a professional photographer was on site already so it made sense to add that in to the list of pictures we wanted.

We used a picture of my dad from my wedding at his funeral when he unexpectedly died earlier this year. It was a great photo.

NoraLenderbee

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #46 on: November 16, 2017, 10:36:20 AM »
We saw a lawyer some years ago for unrelated paperwork and the subject of wills came up. The lawyer said that because my husband was not a US citizen, I couldn't simply leave everything to him if I went first. We needed some special trust, some tax issues, etc. We never pursued it (and thus have no wills).

Does anyone know if there are special considerations for non-US-citizen spouses? He is a legal permanent resident, but does not plan to apply for citizenship.

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #47 on: November 16, 2017, 10:45:51 AM »
Married pushing mid-6 figures in net worth, no wills, no life insurance besides what I get for free at work (maybe 200k, don't remember exactly).

Rationale:
- we have plenty of taxable assets
- neither of us needs the other financially
- should I die while my wife is pregnant, she will receive close to 4k per month of Social Security death benefit until the child is an adult, which in combination with the other assets growing for 20 years, which will make her insta-FIRE.
- we have either joint accounts with rights of survivorship, or named as beneficiaries on retirement accounts. The intestate laws for the rest are fine.

Jessa

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #48 on: November 16, 2017, 10:47:25 AM »
I am still attempting to get a hold of someone to get additional life insurance through work. They apparently do not answer phone calls, I had to register my email, so I know they got it, still no response though...

Bicycle_B

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Re: Get Your Shit Together! Wills, living wills, POAs, life insurance, etc.
« Reply #49 on: November 16, 2017, 11:23:08 AM »
So impressed at how solution-oriented this thread is - great work moving forwards, everyone!

For those still will-less, a free starting point is to update the beneficiary of all financial accounts.  Where I have lived, in any case, naming the beneficiary is free.  Also, in the states where I have lived (I think all states, just not a lawyer here), financial accounts such as mutual funds and most bank accounts pass outside of any will.  They just go straight to the named beneficiary as soon as the account company recognizes the death certificate (which someone has to bring to them).  So updating beneficiaries is necessary in any case - just to make sure they've been named.  I believe you can name anyone you want as beneficiary; am guessing that includes foreign spouse.  The account-holding company might know what's ok.