When we had our first child, my husband and I were advised to make sure we had a will, life insurance and named a guardian. Great advice. Although we were in our early thirties, and weren’t thinking about dying just yet, what if we had an accident? Who would take care of son? Our savings were practically non-existent at the time, so where would the money come to support him?
Fast-forward. Even though Colby is 31 and Simone is about to be 29 (old enough to take care of and support themselves), I met today with FOF lawyer, Ellyn Mittman, to talk about the same two subjects: Life insurance and my will.
Hopefully, I’m not passing out of the picture any time soon, but since I’ve acquired some assets during the last three decades, a will is even more important than it was back in the day. Do I leave my co-op apartment to both my children, even though my daughter lives in it? Can I add their names to the lease and shares? What if Colby wants to sell the co-op and Simone doesn’t? It won’t really matter to me when I’m gone, but it would be nice to think they won’t be fighting over this, either.
And do I really need life insurance now? I know someone who spends $25,000 a year on insurance so her grown daughter will have a $1,000,000 some day. As far as I’m concerned, that is nuts. My father once said to me: “When I die, there won’t be anything left.” He was right. I never expected an inheritance and I never got one. I didn’t love him one bit less.