Has anyone thought about what would happen to your children if you died? Have you made a will? This is something that has been on my mind for a long time and I haven't done anything about it. I want to create some sort of will in-case something should happen to me. Did you go through a lawyer?
We have a will and it states who will get our children, pets ect. I think it is a good idea to have this in order cuz you never know when your time is up. We had a lawyer friend do this for us since my oldest is from another marriage and didn't want any problems to arise since my hubby now has adopted her.
My parents have always had wills. When us kids were minors, it gave their wishes regarding custody and disperal of assets. Now that we are all older, their will just discusses assets. They have always made sure that we have know of their wishes and known where copies of their wills are located. All of us kids have known what would happen when they pass on. Not to make us worry, but to help us know that we would have been taken care of when we were little, and now to make sure we know their wishes. I'm actually designated as a financial trustee, while my oldest brother is designated as being in charge of medical wishes if they are injured. I believe they also have a living will document. I can't remember all of the terminology.
I would go to a lawyer. Also I would suggest someone for the kids and a different person handle the money.
Absolutely go to a lawyer. There are many different options to set up an estate and/or will that only an attorney can suggest on individual circumstances. There are also many different versions of wills. You should also get a Power of Attorney for Healthcare and Power of Attorney for Property. Power of Attorney for Healthcare covers what used to be called a Living Will. Those are no longer used in the State of Illinois, normally.
Power of Attorney, that's what I was trying to remember. I have financial power of attorney and my brother has health power of attorney, but only if both are injured/ill. I know I'm executor of the will, along with assistance from their attorney. They went to an attorney and set up a living trust. I'm not very knowledgeable about legal matters, but I do know that all of their assets are in the trust and somehow it saves money on taxes if one or both die. I recommend talking to an attorney also. They know all of the rules and laws that apply in each state. My folks are in WI and I know some of the laws are different than in IL.
We have a living trust/will........names our daughter's guardians...what to do with the critters, etc.....it was expensive, but I figure if we have one we won't be needing it.....right????I'd be happy to give you our lawyer's number....he's in Oak Lawn and Oak Brook.......
