I had a comment yesterday about how much I'm paying for our wills. I did post a comment with an explanation but I thought I would devote a post to it because its very important to me. My intention behind getting a will is to decide the guardian of our daughter if Y and I died. We also had to decide on the executor and trustee of our estate.
The reason I hired an attorney instead of going online is because I want it to be solid if it was contested. I have 575K of life insurance on myself and Y has 500K. We need those amounts because we have one daughter and plan on one more. If we both die, that money will go into a trust for our daughter. At that point, we are looking at over 1M. I don't want for somebody to want custody of my daughter to get at the money in the trust for her.
My parents are terrible with money. In fact, they recently declared bankruptcy. They also have my brother living with them. He is a sexual predator (not registered, but I know for a fact.). I don't want them to try to fight for custody of my daughter because she would then be living with a sexual predator. I think that they would try to fight for custody to get as much money as they could. Yes, they really are that awful. They don't understand why I won't bring my daughter to their house. Um, hello! Are you really that freakin' stupid? Well, yes.
$300 in my opininion is well worth the money to have an attorney draw up our wills and create a testamentary trust upon death to prevent this down the road if Y and I die while she is a minor.
Disclosure: I know that we don't actually appoint a guardian in our will but it will be used for consideration if we die. It is my understanding that only a judge can appoint a guardian but the wishes of the parents are taken into consideration and followed if suitable for the child.