Since you have kids you may want to talk to a lawyer about several things. We did several different documents as one package several years ago, not sure what the legal name of each is but this is what they do:
--Legal guardianship/custody for the children in case DH and I are both incapacitated or deceased. I do not want my children becoming a guardian of the state and family members fighting each other for them!
--Financial arrangements. If DH and I are both incapacitated who makes sure the bills are paid, until I or we are recovered. If deceased who governs the $ for the children until they are of age to inherit everything. They get half at 21 yrs of age and the rest at 24 yrs of age. Between savings, life insurance, 401Ks and house, which should bring in a tidy sum, there will be plenty to pay their expenses, college-including living expenses, weddings, downpayment on a first house, first car, etc.
--Will which puts everything to each other first and then to the children
--Medical power of attorney. DH makes all decisions for me, I make all decision for him UNLESS DH cannot or will not make the decision it becomes my sister's responsibility to decide when to "pull the plug" for me. I explained to my Mother that a parent should not have to make that decision (my cousin had to with his 8 year old daughter about 10 years ago and I still get the shakes when I think about it). DH chose brother if I cannot or will not make the decision.
We did not do a "living will" per se b/c of the medical power of attorney.
These documents are filed with the court and we have a legal copy in our safe.
I am a little ticked though, and would love some advice. The lawyer convinced us to use "checks and balances" by putting DHs father on the financial arrangements for the kids as a second person with my Mother. My Mother gets the kids. I discovered this as we were signing and DH, who had never considered this fought like a tiger to leave him in. So regrettably I signed it like that. For the record-His father is a horse's pa-toot when it comes to money and has become increasingly worse in the last few years (he thinks he is a lot more clever than he really is AND he is tightfisted in the wrong places and cavalier with $ in the wrong places). Even DH fully agrees now that it was a huge mistake b/c my Mother will end up in court fighting him to use the money for necessary expenses for the kids, like college and a car if they need it to get to work, etc; of course this is all only if everything horrible came to pass and she ended up with the children anyway, but still that is why we went to the trouble to make the documents in the first place! Mom would most likely end up paying out of pocket for all of their living expenses, music lessons,and their college while the $ saved by us for that purpose sat there or worse were "invested" by FIL, who will not contribute a penny to their education or any of the rest of it himself! Since this has been weighing on our minds we need to get back in to a new lawyer who listens, pay more money, and get that part changed. Unless of course, some wise Dis person knows how to do that without all the expense and hassle? I also put all this drama piece in for OP who may want to give serious consideration into who manages the $ for the children. Checks and balances in our case were not a good idea!
Can I ask you one more thing then? I keep getting conflicting information from different people. We have two young children. For now, I want all our money to go to help the guardian with expenses. Do I list the guardian as the beneficiary on bank accounts, life insurance accounts, and what not then? I had read if I list the children, then no one can touch the money 'til they are 18. I don't know if what I have read is true or not. I appreciate any help. We do trust the guardian 100 percent to use they money for their expenses. I haven't started the Willmaker program yet, so maybe this is all covered in there....
