I know this has been covered before, but searching has been annoying.
I was talking with DW the other night and she mentioned she wouldn't know the first thing to do if I was to kick the bucket and doesn't even know how to get into our financial accounts. If I died, she would get ~ $2.25MM in insurance benefits + SS while DD is of age (I think) + whatever our current estate is worth (~$500k right now).
So...this got me thinking, first off, we need a will? This isn't so much for if I was to just kick the bucket, but how we would want our estate spread out amongst various people and organizations. I assume, if DW and I both get our ticket stamped at the same, DD would automatically get everything? My understanding is if I just check out, DW as my legal spouse gets control of the estate?
Second, I was thinking of a letter to DW giving her "advice" on what I would do with the money (stay away from advisors, put in these funds, should generate x% income/yr, don't loan any to your brother, you need it to last you for the rest of your life etc) and my hopes for her and any children we may have (certainly raising a child(ren) solo is a difficult task, I just don't want her bringing a date to the funeral). Is this common?
Unfortunately, I consider DW to lack any skills neccessary to support a family as a single parent (she could get a job pulling in $12-$15/hr, part time) but no real college education (despite her being in her 30's and her father STILL offering to pay for it). And she's been out of the workforce for so long, who wants to go back? I've tried talking finance with her and getting her to read books, but to no avail.
Any advice on the need for a will, a letter to DW etc is greatly appreciated.