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so i'm guilty too

May 27th, 2016 at 04:32 pm

Like my parents LAL and Mr LAL's secret shame is our lack of wills now. We had it done about 8 months before we moved and 5 years after having a kid. But then we moved and now I'm pretty sure we need to redo everything. So again we've not done it.

But this time things have changed a little. Our kids are older and we're more secure with the idea of my mom taking the kids. My dad's older but the kids are easier. We've got $5m+ (life insurance plus savings) to help her if anything should happen to us. That will provide I would guess the ability to buy the right house, private school (need in hawaii), and live in help permanently.

But now more than ever we need to look at someone to provide financial oversight and planning for her and the kids. When I brought this up over my parents lack of financially planning my DH made a face. Before we had his best friend but since we're more unsure about his financial planning skills. A cousin I would have trusted before got married and I'm not sure about his decision making. I wonder if we can hire a bank? Would a CFP work out?

My aunts and uncles are not good financial investment planners. None of them including my mom are overspenders and all are very frugal. But long term? I'm not sure what to do now.

Before we struggled more with finding a guardian for our kids. Now we're struggling with a financial manager. This is compounded by the fact that I hate to do a will and we move again. It's something else we've talked about and thought perhaps we should wait until we settle in a place we know we'll stay.

Sometimes the simplest tasks seem so difficult.

4 Responses to “so i'm guilty too”

  1. Kiki Says:

    Who ever sets up the new will/trust should have recommendations for you. I would select someone who is not family to oversee money distribution and use, continued investments and growth if that is a concern.

  2. Carol Says:

    It would still be good to update the wills, even if you do move again. I wonder if Vanguard or Fidelity would do the financial administration? Good luck!

  3. Carol Says:

    To be honest, we need to update ours, too. No more minor children!

  4. LivingAlmostLarge Says:

    I guess i have to ask friends in the area about lawyers. That's the first place to start. Last time we did will online and had a lawyer check it out. Very reasonable $2k. I also had a referral so it was super easy. Now I have to start from scratch.

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