A Great Green Exercise: Preparing A Last Will And Testment

Part of my journey toward a greener lifestyle was (and still is) to become better organized.  Whether it's the clothes closets, drawers, attic, file cabinet, garage, kitchen pantry or computer files -- greater organization leads to greater efficiency, which is central to green living. 

Along the way, I've also realized that there is a major organizational project I've badly neglected.  Maybe it's because it involves preparing for some unsettling possibilities - such as the death of my spouse, myself, or both of us.

My husband and I recognize the importance of having life insurance, mainly because we have children.  We want to make sure that if something happens to one or both of us, we have financially provided for their care until they are adults.  We don't want the surviving parent or the guardians to struggle financially when they should instead be focusing on our children.

We've taken care of the life insurance and have identified guardians but have yet to take care of some other important details, such as:

1. a Last Will (This is used to distribute property to beneficiaries, specify last wishes, and name guardians for minor children. It is an important part of any estate plan. Without one, the courts will make these critical decisions for you.), 
2. a Living Trust (This spells out how your assets are to be managed in the event you are unable to take care of yourself - and by whom (you should specify a Durable Financial Power of Attorney). In the event of death, it is used to transfer property to beneficiaries. But unlike a last will, a living trust is not usually subject to probate court, which can take years and cost thousands in court fees.), and 
3. a Living Will (This spells out your preferences regarding medical care should you no longer be able to speak for yourself.  It also typically includes specifying a Durable Health Care Power of Attorney, so you have someone able to make health care decisions on your behalf.)

In preparation for completing these tasks, I found a great form (click here for a word doc) to help me gather together pertinent information.  I plan to flesh it out by including every account we have, whether it's a utility, newspaper subscription, online account, whatever - with account numbers, userids and passwords.  I want the end product to be so detailed that the executor of our will will have a very easy job.  I will take this package to an estate attorney in our state (laws differ state-to-state, so best to get it done locally) and put our minds at ease.

I thoroughly expect that once I'm done with the form and my attachments, I will realize how much I should simplify the details of our life - which should make it a very green exercise, indeed.

As I move through this process, I'll leave updates here with any new information I find - and I welcome any advice you might have to offer.