With so much planning about living and retirement, it is a little disheartening to talk about planning for when we are no longer here. While my husband and I have started some estate planning, we have not gotten around to getting that notarized and I must say it makes me stressed so hopefully we can complete that soon and get all our documents in order.
Now, as for life insurance – we currently have 2 kids under 8 and each of us parents have a $1 million dollar policy, plus a 1x our salary policy from our work (as benefit). We were recently discussing when to stop having this insurance and our answer was probably in 4-5 years when we hit 1 million in assets (liquid), the house is getting closer to being paid off, we have more college savings and the kids are a little older. Then we will pull the plug.
How about you – what is your plan? Do you have a will, a guardian for your kid(s) or pets and a plan for your assets? How about life insurance?
Gah!
We set our will up when our kid was born. I wish I had set it up earlier because I didn’t realize in North Carolina if I passed that my assets would be split up between my wife and my parents rather than all going to my wife as I had expected and would have intended. I learned the importance of knowing your specific state’s rules and law on how that is handles and setting one up early. Thanks!
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Yes, I have been reading on that and scariest what happens to your kids without a plan (no relatives on the same state)! Did you go through a lawyer or did you do it yourself with software like legalzoom.com etc if I may ask? I got quoted like 3.5k to do that stuff, and so we went down the road of DIY but have not notarized…This is a must do for me soon, it is making me lose sleep!
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