I posted this on the Newlywed board- but it's something everyone needs to think about

Also keep in mind that if you have life insurance through your job, it may not be enough or the right policy.

If you have a mortgage, you may want to get life insurance to cover the mortgage in the event that one of you is gone, so the other can stay in the home.

FH and I talked about this last night also. You don't want to think about these things at such a young age and such a happy time in your life, but you never know what the future brings and it is best to be prepared for anything. I am praying for Janet and her family as well. It is just devastating....I can't stop thinking about her and all she muct be going through.

Can someone fill me in?

I've clearly missed what happned....

I work with the elderly and I see how absolutely critical it is to have heathcare proxies, living wills, longterm care insurance, etc.

I told FI awhile ago that the day after we get married (ok maybe not the DAY after ) we're so getting this taken care of. It's good to get it when you're younger and healthy too (the insurance that is) because it'll cost less!

It is so unpleasant to think about but so important.

When I bought my apartment, my lawyer recommended that I get a will to protect my assets. So I did.
However, if anything happens to me now, my mom and sister will get everything. I have to update to change it to FI.

Thanks for the important post, i know its something that none of even want to think about, but so crucial. Especially for everyone with assets like houses, etc. Not as fun of a topic to discuss, but so important in the light of what Janet is going through. I cant believe the heartache she must be going through so unexpectedly.

Beth,
You are absolutely right.

Girls.... I work in life insurance, wills, living wills, health care proxy, etc.

The message that Beth posted is exactly what I talk about with my clients. I'm available by FM if anybody needs my help or wants any answers to any questions they may have.

Maria

---

Posted by Katie&Chris2006

Thanks for posting this. I'm a little unfamiliar with this kind of stuff. Can someone tell me what exactly we need and how we go about doing it?

---

I can't tell you what you may need - everyone's particular situation differs but here are some basics:

Health Care Proxy - a NY state form that lets you name someone to make health care decisions for you. You can only name one person to act at a time and you can name an alternate. You can name anyone. You can probably find the form on one of the NY state websites and you only need 2 witnesses.

Living will - this is different from a health care proxy. In a proxy, you name an agent to act for you. In a living will, you delineate how and when you want to die should dire circumstances arise.

Either form can be customized to meet your needs. Do not venture down this path without professional advice. And come to think of it, you really should not do this alone even if you are not customizing the forms. Please contact a lawyer about these things - a lawyer can help you decide the best course of action for you - proxy or living will, etc.

Will - here, you decide where your assets go when you die. Wills do not apply to jointly held assets and lots of other contractual assets (certain life insurance, various work benefits, things where you name a beneficiary, etc.). Please consult a lawyer, even if you think you don't need one, and they can properly advise you. You can also name a guardian for your children in your will.

Power of attorney - here, you name someone to make financial decisions for you. There are several options here - some effective immediately, some not, etc. - so again, be sure to consult a lawyer.

You do not have to be married to put these documents in place.

If you need to find a lawyer, www.martindalehubbell.com is a online directory of lawyers. You can also contact your local bar association. They can recommend someone to you.

Good luck to you all - this is very important stuff and many people put it off because it makes them uncomfortable. But I know lots of estate planning people and they're very nice, understanding people who can provide you with good and necessary counsel. Wills and these other documents are not just for people with assets - they are for everyone.