QOTW- Planning
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QOTW- Planning
| Sun, 09-02-2007 - 12:09pm |
Ok, maybe a sombre question... but I thought we should talk about wills and planning for our children.
| Sun, 09-02-2007 - 12:09pm |
Ok, maybe a sombre question... but I thought we should talk about wills and planning for our children.
I have a will. Basically it says that if something happens to me, DS's dad will take care of him - but my sister will be in charge of the money until DS turns 18. If for some reason his dad is unwilling or unable, my sister would care for him. DS will get some of the money when he turns 18 and I think payouts every so many years after that til he has all of it. And he will have to have a prenup in place to get it if he gets married. That way it all goes to him no matter what. My friend who is a lawyer wrote it for me. He specializes in wills and trusts.
Not only do I have a regular will, but I also have a living will.
In the event I become temporarily unable to care for my children due to medical reasons, my parents are their temporary guardians. My living will is very specific regarding what type of care I want, and even more specific regarding what should happen to my children if I ever become unable to care for them short term (or potentially short term.)
Should I die before my children reach adulthood, my brother and his wife will become my children's guardians. Having grown up with my brother, and knowing his wife very well, I know they'd have the same type of parenting styles I have, will impart the same religious and moral standards I would, and are loving, willing, and finacially able to provide a safe, secure, loving home for the kids.
Speaking of finances, I do have life insurance. While my children won't ever be rich from it, it is set up so their guardians will receive a stipend with which to raise them to the age of majority, and the rest will go into a trust fund to be used for college expenses. Anything left, they'll receive at the age of 25.
My mother is the executer or my will and the trustee of the life insurance policy, and has been given very clear instructions on how to make sure my children will be taken care of. Not only did I think about the what ifs concerning myself, but I have also named a back-up guardian in the event my brother is unable to care for the children for any reason.
I have very clearly made my expectations known to all concerned parties, as well as making sure everything was legally in writing.
Moody, who believes proper planning prevents poor performance
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Dang!
Unfortunatly, I dont have the option for her NOT to go to her dad, we have joint legal custody.
Agree!
Actually, I too made my brother AND my father the legal gaurdians if something happens to me & also to my X.