Jack: The will to write a will

Several months ago I wrote about finding myself studying ceiling tiles from an emergency room stretcher as my body was wired into a variety of machines that, to quote Monty Python, go ping.

At that time, I declared my intention to get my posthumous financial life in order while I still have a say. I’m assuming I still have a good four decades in front of me, but the ER visit was a reminder that things don’t always go as planned. (Why is it so difficult to acknowledge there is always a possibility we may not live to see another day.)

So, last night I started chatting with a lawyer to get the ball rolling.
Because I have a ten-year-old son, I want the will to pass whatever tests it would need to go through following a untimely demise, so my assets would be applied to his needs as quickly as possible. That’s why I’m not leaning towards the do-it-yourself version.

This is all very new to me and I know a few big decision will need to be made about trusts and estate planning. I do the a term-life insurance plan that would payout to my former wife should I pop-off. I know that she would use the funds for raising the lad. I also have my RRSP and pension plan set to go to my son.

I need to figure out the rest, including how to pay for a funeral (employer
insurance) and what to do with all of my stuff. And little things like when does my son get the cash and how can he use it.

I’m open to comments and suggestions if you have any. Nancy will pass them along. And I plan to let you know a little of what I learn as I move through this process.