Looking Prepared

Sparky and I have finally finalized our financial folio. We have prepared for that permanent passage to paradise. We have completed our last will and testament. I know it seems like something we should have done a long time ago but it isn’t as easy as the movies make it out to be. To ensure that he courts will honor your wishes, the document has to be more than a scribbled note on a restaurant napkin with an “X” as a signature. You are required to use the services of a lawyer and preferably one who specializes in wills.

To be perfectly honest, we put it off because we didn’t want to think about death. We didn’t want to consider what would happen if one of us died and left the other behind. But it was inevitable that we would have to. Thus the will. We wanted it to be fair. Our biggest fear was that if we both died our estate would go to the boys as a lump sum and cause them financial troubles (taxes, reckless spending, financial temptation/ruin). I mean, “too much of a good thing” is a real problem. So we wanted them to have the money not so much as an assist/crutch but as a nest egg for their retirement! And not at the age of 40!

So we drew up a will that has a trust attached for each of the boys. It has been designed to avoid a tax burden for them, it has provisions for emergency disbursements, and it has burial instructions too. We signed on the dotted line and have delivered a copy to the safety deposit box, the trustees, and to the boys. I think we have covered all the bases. Now I don’t have to think about death for a long time!

14 thoughts on “Looking Prepared

    1. Haha! Not a fortune but counting our retirement/pensions, life insurance and the value of tangible assets it could be the same as winning a very small lottery.And we all know how winning the lottery turns out for most folks…


  1. I noticed you signed but has a lawyer looked it over? Our son did his own Will and left out the provision for his residual estate. Plus he neglected to have witness signatures notarized. He was living in Chicago when he drew it up. So when he died we had to have witnesses that knew him and his signature.


    1. It is all done through a lawyer who specializes in wills and trusts. Lots of documents – from medical directives to power of attorney to disbursement of assets and appointment of trustees.


  2. I’m working on revising my trust. So many questions — how to split the estate, conflict between attorney and financial advisor about implications with IRA, who to administer the trust, and the list goes on! It will get done soon, but what a chore!


    1. We are fortunate that our attorney is up on all the changes – and he is in agreement with all our decisions. He did give us some suggestions. Some of which e implemented and others we didn’t… Still we have 6 months to make any changes for free. That lets us have the luxury of changing our minds.

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