I met with my lawyer today and gave him a copy of our current wills. He’s going to review them and make any changes that might be necessary. I had a friend help me write our original wills – a few years ago – using some software for creating your own will. At that time, I had very few assets and I knew very, very little about personal finance and / or estate planning. Now, I know (a little) more about personal finance and I want to shore up all of our end-of-life documents.
I have received, and am reviewing, several quotes for new term life insurance policies. It will cost me a little more up front, but I am going to go ahead and get 30-year level term policies. I am uninterested in whole life or universal insurance. I will do my investing in my retirement accounts. (By the way – if you have children and you want to have burial insurance – you can add a “rider” for them on your term life policy. Contact your insurance agent for more information.)
My wife is still loving the new minivan. I didn’t realize how stressed out I had been – worrying about what we were going to do about the old van, how much we could afford to pay, when we were going to buy something new, etc. I guess you could say that this was the very first “major” test for the No Credit Needed “philosophy”. I’m relieved that things went well, but I will confess that I don’t like seeing such a major drop in my savings account. It’s time to really, really hammer down and pour some money back into my savings account.