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?