Day 14: Wills and Life Insurance

So this probably isn't the topic that the majority of you were on the edge of your seat hoping that I would write about, but it's the one most fresh on my mind. Tomorrow afternoon, Bonham and I have an appointment to meet with an attorney to draw up our wills. A few years ago, we wrote out our wishes, but never did anything about it. There is a local title company that I do quite a bit of work with through real estate transactions and one of the ladies there said that attorney would do a free consultation and not charge us very much to draw up our wills. So we are going to meet with him tomorrow afternoon.

I'm not really sure what he will ask us, but we have talked about all of the options for what happens with the kids, the house, the life insurance money.... Hopefully, it won't be something that has to be dealt with while our children are still young. And if you have ever done estate planning or drawn up a will, you might know what I am talking about when I say this next part: It's a really weird feeling talking about your death and all of the details as though they are definitely going to happen. The conversation goes from an 'if' to a 'when' and then you have to back up and remind yourself that this is not happening tomorrow.... but, what if it did? And that is what we have to be prepared for.

So, the biggest question: Who gets the children? Bonham and I have gone back and forth over all of the options and the pros and cons for each person/couple. I think that our parents know that we want them to be grandparents and not parents again and we don't want to choose 'favorites', so it's easier just to take them out of the equation. Then we move onto to our siblings.... logical choice you would think, but if they all have kids and we have two (or more), then that leaves them with a ton of children. That is a large burden to put on someone. So then we back out of our generation and go back to our parents' generation. Okay, okay, enough suspense.... we decided almost a year ago that Aunt Laura and Uncle Claude would get the kids in the event of our death. (We approved this with them first)
We think that they are a good choice for a number of reasons:

1. They live close to my parents, but are willing to travel to Abilene to visit Bonham's parents
2. They said that they would even move if they needed to so that the kids could finish school, etc. (well, Aunt Laura said.... so I guess that Uncle C. is on board!?!)
3. Their kids are grown and out of the house, so they have room for more!
4. They would keep the kids involved in church, sports, and social events

Those are just some of the reasons. Now, for the grandparents reading this.... we are not saying that you wouldn't do these things, but again... we want you to be grandparents and while we know that you would gladly take on the duty of raising our children, we want you to be able to spoil them and send them on their way. But, as a reminder: We Are Not Planning On Dying Anytime Soon! So, I guess we don't need to think about it.

I debated whether or not to post such touchy stuff here. But I am running out of funny topics with this posting everyday thing! =)

And now onto the life insurance.... Bonham and I both have enough life insurance to cover all of or liabilities, funeral expenses, and then some in the event that just one of us dies. So, if we both go.... our kids are set. We will have enough to cover their education, wedding, a vehicle, a down payment on a house.... whatever the lawyer thinks we need to do (without spoiling them too much).

So this brings me to question and answer time for my readers:

Do you have life insurance?

Do you have enough coverage?

Do you know how much is enough?

If you answered, 'No' to any of these questions, you need to call your insurance agent today! Do I sound like a commercial? LOL =) I'm serious though. Most people don't realize how expensive a funeral is and if you don't have life insurance, you are putting that burden on your family to cover it. Also, even if you have money in the bank to cover the costs of a funeral, sometimes your assets can be tied up, so be sure that you have a beneficiary on your account. And know that if it's your spouse and you die in a common accident... you guessed it! The money can't be touched until the will is read and it's out of probate.

Okay, enough death talk. Maybe tomorrow will be something happy.... but maybe it will be another wake up call about getting your affairs in order.... tune in to find out!!!