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johnsae
Sip.
Member since 3/06 18677 total posts
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Questions about wills, estate planning, life insurance...
DH and I have a call with our financial planner tonight - it's a preliminary discussion about starting a will and life insurance.
I am pregnant and due in 2 months and I want to make sure that my future daughter and I are covered in case anything happens to DH...I am not working and DH brings home all the income. I am not sure what questions to ask, so I was hoping that you all can give me some advice??
I want the outcome to be that all of DH's money goes to us in case of an emergency (not trying to sound like a money hungry wife, but I just want to make sure my daughter and I are able to live)...
Any advice as to specific things to ask for??
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Posted 4/10/07 2:20 PM  |
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Woodsy
LIF Infant
Member since 6/05 241 total posts
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Re: Questions about wills, estate planning, life insurance...
Message edited 1/14/2008 11:02:03 PM.
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| Posted 4/10/07 2:29 PM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
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The cure IS worse!
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Re: Questions about wills, estate planning, life insurance...
Make sure you have alternates as well.
When we did my will and stuff a few months ago the lawyer that drafted it had me do something like
I leave it all to darren
If Darren should not be alive I leave it all to Joseph.
If Joseph is under 18 I give it to sis and bil who will be guardians.
that way wemade sure he was covered.
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| Posted 4/10/07 2:40 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Questions about wills, estate planning, life insurance...
Your financial planner will give you a formula to determine how much life insurance you will need in the event of your DH's death. You can be named as primary beneficiary and your daughter as contingent and then in trust if she is not of age. You may want to meet with an estates and wills attorney to set up a trust ahead so you won't have to do that in the event of an untimely death.
Since you do not have an income you would want enough insurance to cover your mortgage as well as another sum that will cover living expenses until you think you can go back to work if you want.
You should also consider some life insurance on you considering that if you die your DH will need to have some funds for child care etc..that he wouldn't have ordinarily.
eta: also talk to him/he about disability insurance for both of you as well. You are much more likely to suffer a disability than to die young.
Message edited 4/10/2007 2:58:52 PM.
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| Posted 4/10/07 2:57 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Questions about wills, estate planning, life insurance...
Posted by Blu-ize
You should also consider some life insurance on you considering that if you die your DH will need to have some funds for child care etc..that he wouldn't have ordinarily.
eta: also talk to him/he about disability insurance for both of you as well. You are much more likely to suffer a disability than to die young.
totally agree with these two points.
Sometimes husbands have trouble getting back to work after their wife dies. The emotional drain is too much that they need to take a leave of absence. And then of course child care for when they do go back
And I totally agree with disability - If DH cannot work for whatever reason - you will be covered.
Think about which is better for you term (cheaper, but temporary) or whole (like an investment, but more costly)
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| Posted 4/10/07 3:12 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Questions about wills, estate planning, life insurance...
i'm looking into life insurance too. my dad told me to get coverage for the amount of my mortgage. this way, g_d forbid something happen, at least i've got a place to live (I couldn't afford our mortgage w/o DH's income.)
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| Posted 4/10/07 3:29 PM |
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