Off and on I've looked into these things but never really took any steps (or understood clearly) to get my financial affairs in order. Based on my situation today and in the near term what would be a good starting point for me? Here are some specifics:
40yrs old
Home (So. Cal) worth approx $500k (with a mortgage approx $300k).
Investments (taxable and tax-deferred) and cash combined $400k
Term life insurance (I don't know what the term age is but I think I started it when I was 34. I pay $50 per mo for it)
One newer car ($25k)
Have a $1M umbrella
11yr old kid
Divorced
Two younger siblings
Hoping to ER in 10yrs with approx $1M, at least that's the plan.
If I died I'd want (I think), after funeral expenses etc
- 65% to go to my kid (at various stages in life, like $50k when she starts college, $50k when she turns 24 etc)
- 10% to one sibling
- 10% to the other sibling
- 10% to the gf
- 5% to ex-wife
Would starting with a basic Will (nolo.com) be a good immediate next step or not worth it from the probate perspective?
40yrs old
Home (So. Cal) worth approx $500k (with a mortgage approx $300k).
Investments (taxable and tax-deferred) and cash combined $400k
Term life insurance (I don't know what the term age is but I think I started it when I was 34. I pay $50 per mo for it)
One newer car ($25k)
Have a $1M umbrella
11yr old kid
Divorced
Two younger siblings
Hoping to ER in 10yrs with approx $1M, at least that's the plan.
If I died I'd want (I think), after funeral expenses etc
- 65% to go to my kid (at various stages in life, like $50k when she starts college, $50k when she turns 24 etc)
- 10% to one sibling
- 10% to the other sibling
- 10% to the gf
- 5% to ex-wife
Would starting with a basic Will (nolo.com) be a good immediate next step or not worth it from the probate perspective?
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