Stormy Kromer
Thinks s/he gets paid by the post
- Joined
- Oct 1, 2017
- Messages
- 1,157
DW & I just got back from the attorney's office. It took us a little over a year since we first started talking about it, but today we finalized our new wills. Our old wills were 22 years old when both kids were in diapers, they had many codicils and were outdated. We also placed all real estate and investments that don't have a beneficiary into trusts. This way they'll avoid probate, plus, Estate Tax is a concern in Minnesota. We did the POA's and Health Care directives too. Reviewed all beneficiaries and contingent beneficiaries. I can't believe how many updates we needed to make, and I thought I was on top of everything.
I'm confident we're ready to get old now.
I have a 3 page letter of instructions for each of our 2 children on where things are and who to contact. They'll each get a copy of all the above mentioned paperwork, along with information on how to access our original copies.
I gave them some very simple investment advice. "Take all the money and put it in your Vanguard Accounts" I suggested putting it all in the Target 2065 Fund and get back to work, and when you're ready to withdraw, never draw more than 4%. I wanted to suggest one fund that they could set in place for life and not think too much or rely on a FA to manage what they can do themselves without paying 1.5% a year. I think this is a good recommendation. People have written books on how to handle this situation, I think the kids are more likely to follow this one sentence suggestion, plus it will be hard to beat over the next 40 years.
This evening we'll fix a toddy and burn our old wills in the outdoor fireplace.
I'm confident we're ready to get old now.
I have a 3 page letter of instructions for each of our 2 children on where things are and who to contact. They'll each get a copy of all the above mentioned paperwork, along with information on how to access our original copies.
I gave them some very simple investment advice. "Take all the money and put it in your Vanguard Accounts" I suggested putting it all in the Target 2065 Fund and get back to work, and when you're ready to withdraw, never draw more than 4%. I wanted to suggest one fund that they could set in place for life and not think too much or rely on a FA to manage what they can do themselves without paying 1.5% a year. I think this is a good recommendation. People have written books on how to handle this situation, I think the kids are more likely to follow this one sentence suggestion, plus it will be hard to beat over the next 40 years.
This evening we'll fix a toddy and burn our old wills in the outdoor fireplace.