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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
I know, I know - not quite as fun as "do you like my bedding?" posts  But, DH and I just started discussing all of this and I'd like to get it done sooner than later.
So, can you tell me:
1) Where your life insurance is from? We have enough on both of us to cover the full mortgage + 20% through my work but we want to up it to about a mil on each of us now before the baby;
2) Last Will & Testament... beyond our co-op and our future child(ren), there ain't a whole lot that's not already accounted for so I didn't know if we had to go to a lawyer or if there's a standard form that we can just get notarized. Anyone?
3) Living Will. A taboo subject in my family  but I refuse to have my family go through what Terry Schiavo's family and husband did when decision time came. Knowing I'm heading into the hospital for the baby, I'd like this covered as well. Anyone know how to go about this - do I need a lawyer for this?
Message edited 10/10/2007 8:51:53 AM.
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Posted 10/10/07 8:50 AM  |
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Calla
My girls
Member since 7/05 4303 total posts
Name:
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
It is worth the $1000+ you would spend on a lawyer to get this all done right. With two million in life insurance you need to set up a trust for your baby, and you can't do that on your own. The lawyer will be able to handle the living will and heath care proxies as well.
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| Posted 10/10/07 8:58 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
Excellent, thanks. Now, the next (inevitable) question... lawyer rec's? 
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| Posted 10/10/07 9:02 AM |
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Calla
My girls
Member since 7/05 4303 total posts
Name:
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
Sorry, I'm in Massachusetts, so I'm guessing you don't want my lawyer! hehe. You may want to ask on parenting, most don't get around to this unpleasant task until after the baby is born.
The other HUGE question is who will have custody of your child, and they will also want at least one back up.
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| Posted 10/10/07 9:04 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
Posted by Calla
Sorry, I'm in Massachusetts, so I'm guessing you don't want my lawyer! hehe. You may want to ask on parenting, most don't get around to this unpleasant task until after the baby is born.
The other HUGE question is who will have custody of your child, and they will also want at least one back up.
Ah, I suppose not  Good idea on the parenting board. I'm going to hit up my lawyer friends for rec's first but if not, I'll try the parenting board.
Oh crap, a back up?? It was hard enough to decide the first one 
(Thanks for all your help  )
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| Posted 10/10/07 9:06 AM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
We each have 3x our salary at work and took out a $500k policy on each of us since we are expecting to buy a house in the next year.
We have discussed the will and health care proxy, but still haven't done it. I would like to get this done before the baby comes, at the very least the health care proxy. We agree on a guardian for the baby, we just have to do it and DH prefers to spend the money on an attorney to do it, so it will be done correctly and by an objective person (we have attorneys in the family, but might use someone else anyway.)
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| Posted 10/10/07 9:42 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
I know a few lawyers in Suffolk that could help you..I used to work with them.
Chris Romano in Islip
Jeff Roberts in Smithtown(may be Hauppauge-he moved)
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| Posted 10/10/07 10:01 AM |
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babydreaming
LIF Adult
Member since 3/07 1130 total posts
Name:
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
We did life insurance, will & living will three weeks ago. $1M in insuarance on each of us. For the will we made sure guardians and trustee were set up.
I'm in NJ so I can't give a lawyer recommendation - sorry
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| Posted 10/10/07 10:51 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
Posted by Leeners
I know, I know - not quite as fun as "do you like my bedding?" posts But, DH and I just started discussing all of this and I'd like to get it done sooner than later.
So, can you tell me:
1) Where your life insurance is from? We have enough on both of us to cover the full mortgage + 20% through my work but we want to up it to about a mil on each of us now before the baby;
2) Last Will & Testament... beyond our co-op and our future child(ren), there ain't a whole lot that's not already accounted for so I didn't know if we had to go to a lawyer or if there's a standard form that we can just get notarized. Anyone?
3) Living Will. A taboo subject in my family but I refuse to have my family go through what Terry Schiavo's family and husband did when decision time came. Knowing I'm heading into the hospital for the baby, I'd like this covered as well. Anyone know how to go about this - do I need a lawyer for this?
1. We have life insurance through the insurer that handles our home and car insurance. We also have a couple of policies that are owned by us, through DH's employer - this is a real benefit because it's cheaper and still owned by us.
2. I would definitely go speak to an estate attorney about your estate documents. I would never get a "cookie cutter" will. There is much more to consider when drafting a will then the amount of your assets. This especially true when you have life insurance and retirement assets. It could add up very quickly. You also want to be able to discuss the merits of certain things...like a Credit Shelter Trust and whether or not you should create one - a standardized will may include that and that may not be a good idea for a young widow(er) with young children because they might have to access principle. I have a very good attorney I am more then willing to recommend.
3. A living will is also part of what would be your estate documents. It should be addressed by the attorney that does your will. I don't know if they have a standard form like they do for a Health Care Proxy (which you should do prior to entering the hospital.) But, again, I would strongly recommend seeing an estate attorney to draw these documents up.
Message edited 10/10/2007 12:29:43 PM.
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| Posted 10/10/07 12:26 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
The only comment I'm going to offer is that New York State does not recognize living wills. If you want your health care decisions known etc, complete a health care proxy available here:
Link to NYS Dept of Health
Before everyone else who reads this post attempts to make a remark about living wills . . . . yes, a NY attorney will charge you to draft it, and yes a NY attorney will in fact draft it . . . the courts explicitly do NOT recognize it and do NOT condone its use. For health care decisions the court approved/recognized document is the health care proxy from the Department of Health that the link I have provided will take you to.
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| Posted 10/10/07 2:06 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
Posted by DancinBarefoot
The only comment I'm going to offer is that New York State does not recognize living wills. If you want your health care decisions known etc, complete a health care proxy available here:
Link to NYS Dept of Health
Before everyone else who reads this post attempts to make a remark about living wills . . . . yes, a NY attorney will charge you to draft it, and yes a NY attorney will in fact draft it . . . the courts explicitly do NOT recognize it and do NOT condone its use. For health care decisions the court approved/recognized document is the health care proxy from the Department of Health that the link I have provided will take you to.
A health care proxy and living will are two different things. NYS has no statue on living wills and therefore it can be subject to interpretation but that does not mean it WON'T be upheld. It could very well be but it may not as well. I think it's misleading to state that it shouldn't be drafted when there is so much room for interpretation and precedent.
Link 1
Link #2
Message edited 10/10/2007 2:23:39 PM.
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| Posted 10/10/07 2:23 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
Posted by shamrock124
Posted by DancinBarefoot
The only comment I'm going to offer is that New York State does not recognize living wills. If you want your health care decisions known etc, complete a health care proxy available here:
Link to NYS Dept of Health
Before everyone else who reads this post attempts to make a remark about living wills . . . . yes, a NY attorney will charge you to draft it, and yes a NY attorney will in fact draft it . . . the courts explicitly do NOT recognize it and do NOT condone its use. For health care decisions the court approved/recognized document is the health care proxy from the Department of Health that the link I have provided will take you to.
A health care proxy and living will are two different things. NYS has no statue on living wills and therefore it can be subject to interpretation but that does not mean it WON'T be upheld. It could very well be but it may not as well. I think it's misleading to state that it shouldn't be drafted when there is so much room for interpretation and precedent.
Link 1
Link #2
As a NY attorney that does estate planning as part of my practice I will NOT draft a living will. IMHO, there is TOO MUCH room for interpretation and the last thing that is desired by the person to whom the document pertains is a fight over health care decisions.
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| Posted 10/10/07 2:31 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: The Not-So-Nice Things to Think About... Life Insurance, Last Will & Testament, Living Will
My feeling regarding the Living Will is that it does show the intent and desire of the incapacitated person in terms of their desire for heroic effects and life support at a time when they can express it for themselves. As for room for interpretation, regardless of statute, many would be contested just like wills are. This is my opinion and I still believe that it is part of estate planning and should be included since it is not a costly document.
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| Posted 10/10/07 2:43 PM |
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