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[quote=Anonymous][quote=Anonymous]DH and I are in our mid-40s with elementary age kids. Recently we were in a car crash, luckily, no one was injured. 
I’m a still a bit shaken about it and am wondering what would have happened to our kids if one or both of us were not here anymore. 
We have listed each other as beneficiaries in bank accounts but that’s about it. Never gave much thought to a scenario like this!  Please guide us about setting up a will and other things to consider, thanks![/quote]

Glad you guys are OK. Check your employer benefits. If you have a legal plan through your employer, sign up for it. You get estate planning for free through that. 
If you don't, get a template from Legal Zoom or some such.. You'll need templates for 
Revocable Trust - Each of you will do this. For example, if you are Jane Doe, your will have a revocable trust titled "Jane Doe Revocable Trust dated June 1, 2025".  You will be the grantor (the person setting it up) and the Trustee (the person who operates the Trust). You will name successor trustees (if you are incapacitated or die, your sister or brother will become trustees). The trust will also outline everything you want to happen with your assets - who should manage it while your kids are too young, when do you want them to get access to your assets (e.g. in stages starting at age 25), how much for each kid, etc.  Once this is done, you title all assets in the name o the trust (or name the trust as beneficiary). Sounds complicated, but it isn't.

Pour over will - This basically says that anything you missed titling in the name of the trust will go the trust so your wishes outlined in the trust can be followed.

financial power of attorney, and - Who can deal with your financial life if you die or incapacitated. Can name a primary, secondary and tertiary.
 
healthcare power of attorney - what do to if you are incapacitated. When to 'pull the plug', so the speak and who gets to decide.

All are template driven and easy to set up.[/quote]

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