My husband and I each bought life insurance policies several years before our son was born. We put them in a drawer and pretty much forgot about them ever since. The payments are automatically deducted from our bank account, and there isn’t really anything else to think about. And now that our son is almost 21 months old, we’ve finally gotten around to adding him as the contingent beneficiary on our policies. Yes, I know… 21 months. We are especially on top of things.
Anyway, now that we’ve checked that task off of the to-do list, we’re thinking that it’s high time we wrote wills and appointed a guardian for our son in case both of us were to die. We also need to set up a power of attorney, in case we were to be incapacitated. Not the most pleasant thing to ponder, but I know we should do it. A friend of mine is pregnant at the moment, and she and her husband are in the process of doing the same thing, before the baby is even born. Her super-responsible habits are inspiring me.
My husband and I are both close to our families, and there’s no drama or issues on either side. I know that we don’t have to worry about things like wills being contested or anything like that. But I suppose we should actually get it all down on paper, just to be sure. Our situation isn’t particularly complicated – we own a home, have IRAs and a few other savings accounts. But we also own our own business, which I guess could complicate things a bit.
I’m wondering if any of you have ever used will software? I know that we could get a lawyer to do it for us, but my frugal nature (combined with the fact that I am 100% sure that all of our family would support our wishes, even if they were written on a napkin) means that I’m looking into less expensive options too. Any thoughts are appreciated!