We finally completed the long-procrastinated task of updating our wills. I’m glad to have it done though I am still working on the step-by-step guidance document for the executor. (requested by DH) That document has been a bigger chore than I expected but I’m learning a lot. In addition to online research, I bought a book that is so worth the cost: The Executor’s Guide by Mary Randolph. I also created documents for inventory of assets, final wishes, and contact information for all beneficiaries. Our previous wills had been written decades ago when we had just two children and lived in another state!
I am setting a target to review & update as needed the supporting documents annually and the will every 5 years. I am also continuing my long-term effort of simplifying our finances. The longer I live, the simpler the estate planning will become.
I’ve learned a lesson from my Mom’s death and left my jewelry and personal things to either my boys or my nieces instead of DH. My mom would be livid to know that some of her things ended up in the hands of the children of my Dad’s second wife and they sold it for cash. That will not happen to my things! Of course, I had that discussion with DH and he gets it. His mother also died first so the situation was similar.
I’ve never had a goal, and still don’t, to leave a substantial inheritance to my kids. I’ve told them this throughout the years too – that their college funding is their gift from us and that we plan to spend our remaining money to fund our own lives. We also don’t buy the boys cars, weddings, or down payments on houses. I don’t expect that to change unless we strike gold or something. If I have an unfortunate early death, they’ll benefit financially but otherwise their inheritance will likely be modest (and split 5 ways). As an example, I have a 30-year term life insurance policy that will expire in a few years. The point of that policy was to have assurance that the kids would be cared for if I died while they were young. It’s already served that purpose. Another policy is provided by my employer, but it will expire when I stop working. So no life insurance policies will likely be in place when I pass.
The good news for the kids is that we shouldn’t ever need to be financially dependent upon them. I appreciate that my parents provided that situation to my brothers and me too.
February 4th, 2023 at 03:30 pm 1675524604
February 5th, 2023 at 06:52 pm 1675623172