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Goto an estates and trust attorney. Also, power of attorney, living will and healthcare proxy at the same time. I would not use the internet for this.
The most important thing is what happens to your kids should something happen to you and your spouse. Your worst choice is still better than any choice the courts will make.
We hired a specialist will attorney. He came to us, which was super-convenient - spent about an hour and a half in our kitchen talking over details with my wife and I, then we got drafted wills in the post two weeks later. Signed them with a couple of friends and family as witnesses, and now pay a small annual fee for the originals to go into secure registered storage.
@P1 what was the total estimated cost if you don’t mind me asking?
I’m in the UK, so don’t know if this is comparable for you. I think the whole service was about £600, and the storage fee is £30 a year.
Quicken has a good product too
Legal plan does it if you signed up for the benefit
We created a trust using discounted legal services that my spouse's employer provided. Trust runs you 2k-3k USD.
I'd recommend sitting with an attorney if you've never done it before.
I used a local attorney using a pre-paid legal plan 15 years ago and have adjusted as our situation changes (kid, asset growth, etc). Might have been $500 or $750 to start and then a few hundred dollars to get updated.
One way to save money is to not actually setup a trust right away. I used a contingent trust that doesn’t get created until necessary. Only works if you have someone you completely trust, which I do in a former work mentor and friend, but saves a bunch of hassle and dollars now.
It was fairly easy other than explaining to my attorney over and over again that equal is not fair, but that is a longer discussion.
^ this
Establishing a living trust covers a lot. Beneficaries of assets, health directives in case you/spouse are incapacitated, guardians for your kids. Also if you own a home or other hefty assets, your beneficiaries don't have to deal with probate court costs. Was a fairly simple process and was covered 100% by our employee legal plan.