We’ve just returned from our attorney’s office and we are the proud owners of two, shiny new wills!Â 🙂
I thought I’d share a little about how my will is structured –
If I were to die, my wife becomes the executor of my will and all of my assets would go to her.
If both of us die, at the same time, all assets go into a family trust.Â We named an executor and a trustee.Â (In our case, the executor and the trustee are the same person.Â But, we could have named an executor – the person who carries out the details of the will, and a trustee – the person who manages our assets.)Â The executor carries out our wishes, as detailed in the will.Â The trustee, in our case, manages our assets for our children, until such time as they are able to manage those assets for themselves.Â In our case, we asked the trustee to divide our assets into three portions, one for each child, and distribute those assets to our children once each child reaches a certain age.
We also made provision for the care of our minor children, should we both die at the same time.
I have to tell you, it felt very weird to be signing my will.Â (Note:Â I actually already had a will, and so did my wife.Â But, I had written them myself and I was always worried that they wouldn’t stand up in probate.Â That’s why we decided to go to an attorney.Â We wanted more peace of mind.)
I should receive the bill for the wills in a few days.Â Once it arrives, I’ll let you know how much they cost.
As soon as we left the attorney’s office, I went to an office supply store and purchased a fire-proof, water-proof, storage chest.Â Now, our wills and our other important documents are safe and secure.
I’m only 33 and I hope to live for a long, long time.Â But, I don’t want to die and leave my kids with an uncertain future.Â Now, I know that they’ll be taken care of and I know that my wishes will be known.
Side note:Â As I’ve stated many times before, I am NOT a financial professional.Â I’m just writing about what I have done.Â I strongly suggest that you seek professional advice before making any financial decision – especially one as important as the structure of your will.