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  1. #1
    Official Bagista
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    Default Free Estate Planning Kit

    All,

    You can log on to Suze Orman internationally acclaimed personal finance expert : The Suze Orman Show : Will & Trust Kit : FICO Kit : Insurance Kit : Women & Money and on the left click on "Wills and Trusts" and then on the window that pops up hit "enter gift code" and the gift code is "People First" then follow the on screen discussions.

    Everyone should have a will/trust and proper documents set up - especially if you have children. I know first hand how expensive it is to do so - I already had a lawyer draft everything for me and then I was watching Suze Orman on CNBC last night and she gave this free information and I wanted to throw up. (Total cost = $850 for me - that's a will, Power of Attorney, Healthcare Power of Attorney, and Living Will).

    However, if you are unsure about anything or have complicated situations like children from previous marraiges, family members with special needs, etc...then I would definately still seek out competent legal advice.

    By the way - in the last couple weeks (CNBC has her on every day during the month of July) Suze Orman has denied two Coach bags...one for $700 (optic signature carly with wallet) and one for $298 (the bucket looking one with the smaller C's and leather at the top - I think the Bleeker line). The words "I don't even spend $700 on my handbags and I can afford it" even slipped from her mouth - which made me sad because I look up to her.

  2. #2
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Free Estate Planning Kit

    All I know is I need to find some way to insure my husband. We don't really own much... but what if his parents kicked me out of the house?

  3. #3
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    Default Re: Free Estate Planning Kit

    You guys are young. What about term life insurance? I would just talk to your car insurance carrier (if you use a big name like State Farm or Farm Bureau or Liberty Mutual or something) It's pretty cheap...under $50 per month. I think I pay $20 per month for $500K of coverage that doubles to $1M if I am killed in an accident (or pays me $500K if I lose a limb in an accident). My husband has less coverage because I am the main breadwinner and we don't need as much on him.

    Or check your employer - I know mine offers life insurance on me, and I can purchase it on my spouse or dependent child (but I get it cheapter through my professional affiliations).

    Don't let them talk you in to whole life insurance though - that is normally a rip off and very expensive.

    They (in laws) shouldn't kick you out if you have a lease and pay your rent...but at the end of the lease they could choose to terminate it.

    I would worry about something happening to them - do they have the house you are living in willed to your husband? If he has siblings it could be a bitter battle.

    You may not need a will/trust...but you should still check out the powers of attorney and living will. That way, if you or your husband are in a wreck and can't do somethign for yourself, you have someone that can act on your behalf.

  4. #4
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Free Estate Planning Kit

    I employer only offers free life insurance for me (its equal to 1 year's salary). As far as I know, you can't buy any for your spouse.
    As far as my in-laws go, I have no clue what would happen if they both died suddenly. I don't know if they even have a will or if they do, what it states. They own lot's of property... so I assume if they don't have a will then him and his brother would just sell it all and split it. ::shrugs::

  5. #5
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    Default Re: Free Estate Planning Kit

    ^^just make sure the lawyer that handles the probate is paid hourly and doesn't charge a % of he estate... Most charge 3-5% on the value of all possessions... That adds up fast

    Best case scenario they have a revocable livingtrust that names your Hubby and bro in law as beneficiaries. They could avoid probate that way... Still would dbl check with a lawyer though

    Could you in time buy that house from them? Then it could be yours and you wouldn't have to worry about it.

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    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Free Estate Planning Kit

    Being to buy any house is pretty far off for us. College is rough and I'll have stuff to pay off once I graduate. And that's just me... my husband has a lot longer to go.

  7. #7
    Totally Purse Obsessed Arianne12's Avatar
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    Default Re: Free Estate Planning Kit

    Great reminder! We really need to get a will done. Been postponing it and you never know what's going to happen. DH and I took out life insurance - he has income protection as well - once we had our kids just in case anything happens to either or both of us. Plus I own a property from before we got married, so I need to ensure that gets dealt with properly.

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