Important actions after GC

[gcaa]

I recd gc in june 07 after a long wait of 5 yrs. Except for the brave, most of us held back making important decisions. We have brought a house just a few days back. From a family perspective, we also have life insurance(our family is self, wife & 2 kids). I read & see a lot on tv regarding importance of writing your will etc. How do we go about that, I mean do we need to have a lawyer etc. Also, what other important documents does an average family in the US need to feel secure about the future.......

[Jackolantern]

You don't need a lawyer to make a will, but if you have significant assets (including a home!) it is helpful to see a lawyer to get some help with wording it correctly to avoid disputes among the heirs and to minimize the tax burden.

Nolo.com has a section on preparing wills.

Other documents to consider include a "living will", which decides what to do with you if you become comatose for a long time or are otherwise dependent on life support machines.

[gcaa]

Originally Posted by Jackolantern

You don't need a lawyer to make a will, but if you have significant assets (including a home!) it is helpful to see a lawyer to get some help with wording it correctly to avoid disputes among the heirs and to minimize the tax burden.

Nolo.com has a section on preparing wills.

Other documents to consider include a "living will", which decides what to do with you if you become comatose for a long time or are otherwise dependent on life support machines.

thanks jacko, as usual, your inputs are appreciated..

[TheRealCanadian]

Originally Posted by Jackolantern

if you have significant assets (including a home!) it is helpful to see a lawyer to get some help with wording it correctly to avoid disputes among the heirs and to minimize the tax burden.

It's important to remember that unless you have NET assets in the estate over $1.5 million or so (don't quote me on that, but that's the rough ballpark) no estate taxes will be due and I really wouldn't spend too much time worrying about the tax consequences right now.

At least in our circumstances, my wife is a joint owner of our house and all non-taxable investments, and we are the beneficiaries of each others' retirement funds, so very little of our assets would actually go through probate - and our children are minors so there wouldn't be any arguing over the will.

By and large, a will at this point will usually be to handle what happens if BOTH of you die, but you may want to do some planning to ensure that most of your estate escapes probate in the first place.