Where to start....preparing documents for estate plan

[Tap]

My husband and I are both closing in on our 50s. Our bio-kids are grown but we are guardians to a 13yo. My husband and I rarely do anything together, so the likely hood of us both passing at the same time, have been minuscule for many years.  Covid, has definitely changed things in that risk category. 😞 I am in healthcare, and he is in a high risk field as well.

When we were younger, we had a basic will and my sister was the executor. I no longer talk to that sister so I need to get her off the will and decide on how to split everything between the 3 kids.

I also need to get things like healthcare power of attorney, an other related documents created and filed.

I want to have a book with the accounts, life ins policies (there are several due to employers/banks etc) and legal documents regarding dd13s guardianship. 

What else do I need....and how do I do it on my own? Is there a website that can guide me?

I can't afford thousands of dollars for an attorney to do it all. I was off work unpaid for 3 months in spring for money is still very tight. I assume I will need one for part of it, especially because we will need a trust for the 13yo, I just want to do as much as I can myself and have him/her help with the final steps. 

Edited July 17, 2020 by Tap

[Ottakee]

I would look into an ABLE account and/or a special needs trust for 13 year old.  She can not inherit anything directly or have assets over $2000 if she will someday go on SSI as an adult.

[Tap]

7 minutes ago, Ottakee said:

I would look into an ABLE account and/or a special needs trust for 13 year old.  She can not inherit anything directly or have assets over $2000 if she will someday go on SSI as an adult.

This is one thing I have wondered about and why I figure I will need an attorney for her part. I have her main 2 SSI accounts set up but still need to get her ABLE account done. Do you know if I make one of my kids my power of attorney at death, if that means they can access her accounts? 

I will leave the online acct pass codes and I know they can take her into the credit union to access the accounts in person, but I thought it would be easier if they can access her accounts with just a POA  (without her) until the dust settles. She doesn't know about the accounts, and it would be best right now if she doesn't know. 

[Tap]

4 minutes ago, Patty Joanna said:

I got hold of this document a number of years ago and it helped a LOT getting the things together.  https://www.wealthguidanceinc.com/files/24721/The 25 Documents You Need Before You Die.pdf

Then I created a Word document that has *everything* in it except passwords.  I gave a copy to our lawyer, and have it on my hard drive and I keep it up to date.  Then, I gave a list of all my passwords to my BFF so she can open everything.  The document is called "START HERE IF I AM DEAD".  My lawyer said he had never seen anything so complete and helpful, which is a bit of bad news for him, because his company makes a LOT of money charging by the hour for tracking down all this stuff.  (haha)

 

This is exactly what I needed....Thank you!

 

[iamonlyone]

An online option is everplans.com. We are using this (although we need to continue inputting information).

[Toocrazy!!]

18 minutes ago, Patty Joanna said:

I got hold of this document a number of years ago and it helped a LOT getting the things together.  https://www.wealthguidanceinc.com/files/24721/The 25 Documents You Need Before You Die.pdf

Then I created a Word document that has *everything* in it except passwords.  I gave a copy to our lawyer, and have it on my hard drive and I keep it up to date.  Then, I gave a list of all my passwords to my BFF so she can open everything.  The document is called "START HERE IF I AM DEAD".  My lawyer said he had never seen anything so complete and helpful, which is a bit of bad news for him, because his company makes a LOT of money charging by the hour for tracking down all this stuff.  (haha)

 

This is pretty much what we did. And then we made all the decisions before going to the attorney. Who would be backup medical power of attorney, who would be trustee, who would be guardian, etc. I had copies of all account paperwork with account numbers and contact info. 
Then we went to the attorney to draw everything up. Most of it is proforma, and is somewhat affordable if you don’t need a lot of advice. But they are invaluable in certain cases, and I like knowing we had ours reviewed and on file with the attorney. 

[Tap]

How do you recommend finding an attorney? I live in a major city so there are sooo many listed. The only people I know who have done this, or use an attorney on a regular basis, are very wealthy. I  doubt that I can afford someone they would recommend. LOL