Yes! We created it a couple of weeks before lo was born. It's great peace of mind to know our instructions and wishes are laid out in case they are ever needed.
Yes. We finalized everything when LO was a few weeks old. My BF upped his life insurance and I took out a policy. If one us dies or LO looses us both we want the remaining parent or guardian financially capable of proving a life. We take this very seriously.
We haven't bought life insurance policies and we haven't created a will. We have told our parents our wishes, but I know people get funny after a death.
I did request a Social Security statement this summer to see how much LO would get if I died. I also switch her to be the beneficiary on my inherited money.
I figure once we buy a house, then I re-evaluate what we would need.
I just want to remind the SAHMs that getting your own life insurance is important! If something happens to you, your SO would need to find and pay for child care for your LO. And possibly for any other tasks you may be primarily responsible for, like cleaning the house.
Eta to add that I am a sahm and have life insurance through my husband's job.
We based on life insurance amount on what my dh would need to pay to cover my salary and childcare for a reasonable period. We did the same for him and calculated what his salary and extra money would need. Once you know what you need to live on then you can back into "your" number. But it depends what your goals are. Without my dh and his job I wouldn't be able to live here. So we have more on him than me. Without me he would need another nanny so we factored that into my number
We've talked about this a lot but never finalized anything. We have our life insurance policies in place and calculated similarly to jtizzay. What we don't have legally finalized is what happens to the kids if something happens to both of us. Now that we have three kids we feel like it would be a huge burden to take on (even considering financial things would be mostly/fully covered). We worry about how our families would share time with the kids, handle raising them due to age and living situations, and how they would manage the kids' money. We plan to name close friends as guardians pending a discussion with them.
We've talked about this but haven't done anything official yet. We both increased our life insurance during the most recent open enrollment. We really need to create a will.
Post by younglove316 on Feb 18, 2015 10:38:01 GMT -5
My husband was basically required to get life insurance through work so we have that but right now that's about it. We have talked about it recently and it's on our things to do. I'm mostly worried about where she would go if anything happens because I know his mom would fight it and I don't want her there so we need to have something done.
Post by bennieangel on Feb 18, 2015 11:06:03 GMT -5
This is on our to-do list. We did get life insurance all around right after LO was born (well, before for me). We did a lot of math to determine what we thought would be a good amount...and then went with what we could afford closest to that number.
Me: 27, DH: 26 / TTC since June 2011
HSG 12/2012 - both tubes blocked; hydrosalpinx x 2
9/2013 - bilateral tubal ligation
6/2013 - IVF #1. Follistim, Ganirelix, and Menopur. 15R/8M/7F; 1 transferred on 6/28/13; 4 frozen.
7/3/2013 - BFP on HPT! Beta #1: 106; Beta #2: 764
7/16/2013 - first ultraound; 2 sacs
7/23/2013 - heard heartbeat for first time (on my birthday); one sac.
EDD: 3/24/14; DD born 2/25/2014
we've been putting it off because DH does not like to talk about death.
However, we need to at least create some sort of document that states who can make medical decisions for our kids if we are incapacitated (so, say we were all in an accident they would make medical decisions for the kids if Jimmy and I were unable, or if we were out of town type thing)
We have future guardians picked out, and my brother would retain some legal custody, but now with MIL so close I can imagine her showing up at the hospital to get to my kids.
We haven't yet but it's on our lists. I know it will vary by area but what did you spend on your will?
Our will, which also includes living will and guardianship instructions, cost $600 for the lawyer to prepare. We got copies and its is stored in the firm's vault.
Post by nattybumppo on Feb 19, 2015 11:46:37 GMT -5
We NEED to do this. We got life insurance for both of us before DD1 was born but have not done wills or guardianship or anything like that. I know we need to and I'd really like to get around to it sooner rather than later (every once in a while I have a mini panic attack that it hasn't been done yet), but the guardianship thing is hard...we haven't been able to agree on anyone. But I've come to the conclusion we just need to get SOMEONE on there and we can change it later.
Then Comes Family, LLC is a participant in the Amazon Services LLC Associates Program, an affiliate advertising
program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.