Eight years after having my first child… almost nine… and we finally got our Will figured out.
And guess what? It wasn’t as scary as I thought.
We ‘informally’ talked to our guardian of choice at the time of my oldest being born. And that was it, he was on board! Yay!
I knew we had to get papers drawn up… but the thought of going to a lawyer just looked like I was going to be spending lots of money… and plus I knew I was going to be asked questions that I didn’t understand. Why don’t they just speak in a way we understand!? Really. I often feel like they’re coding their sentences just so we don’t comprehend.
Making a Will got put off… for a long time.
I have always had a nagging feeling of needing to get this done.
We have finally put together our Wills thanks to Bloomwell.
We have finally put together our Wills (both my husband and I) thanks to Bloomwell.
Bloomwell reached out to me to share with you about family legal documents, little did they know how much peace they’re bringing to me and my family.
My husband and I sat down one evening to go through ‘the hard questions’, such as “choose a type of property management for your children”.
I froze up when I saw the words “Children’s Pot Trust” because what does that mean anyway? Or choosing between UTMA (Uniform Transfer to Minors) Accounts or a Child’s Trust.
Thankfully, Bloomwell explains everything very clearly with their simple definitions, but also with their FAQs on each and every page of questions. They provided a robust Will that lets parents choose. Let’s face it, some kids are ready for financial responsibility and some may take some time…
By the way, the difference between UTMA and Children’s Trusts is written right below the question when filling out the Will.
If You Have Kids, Bloomwell Lets You Provide for Them in Different Ways:
- UTMA arrangements can last until your child is an age set by your state, between 18 and 25 years old.
- A child’s trust in your Bloomwell will can last up until your child is 25 years old, no matter what state your are in.
- UTMA accounts usually have less formal reporting requirements and expenses than child’s trusts.
- Child’s trusts are more formal than UTMA accounts and can allow for more oversight over the adult managing the property.
- Under both options, the adult managing your child’s inheritance will generally be required to manage your child’s inheritance for your child’s benefit until your child reaches the specified age. This usually means using it to pay for your child’s living expenses, or health or educational needs. Your state will determine the particular rules or requirements he or she must follow while managing your child’s inheritance.
How to Protect Your Family:
- Create an account on Bloomwell.com (Legal Documents for Families)
- Answer a few easy questions (our Will questions took maybe 30 minutes to walk through and answer thoroughly)
- Download and Print the created documents
- Sign with witnesses and have notarized, if required. I found that Bloomwell makes this very clear in the documents of what needs to be done, so you do it right. Which was a relief.
Bloomwell’s documents to help protect your family:
- Health Care Directive (this is where you choose if you want them to provide life support, for example)
- Living Trust
- Financial Power of Attorney
- Child Medical Consent (use this when you have a babysitter or relative watching your child, or if your child is going on a trip without you)
- Child Travel Consent (use this any time your child is traveling without both parents)
- Domestic Partnership Agreement (if you are not married and want some understanding, or are avoiding that darn ‘marriage tax’)
I had a lot of questions. The first one being, do I need all of these? The answer is, “yes” to some of them, but likely at different times.
At this time in our family lives, we have found the most immediate need to be for the Will. We debated about the Living Trust instead of the Will, because a Living Trust will keep you out of probate (keep it cheaper and private). A Living Trust is more work and we didn’t find it necessary at this time. We will likely add it at a later date.
Right now, we don’t have the need for the Child Medical or Travel Consent, but will use it whenever the need arises, since no one can be with their kids 24×7.
If you have pets that are like family, Bloomwell also has a Pet Trust!
Check out Bloomwell and create your account. By the end of the day you will have your family protected in every way you need.
Time to actually get one of those New Year’s resolutions done!