Wills, Trusts and Community Property

I tend to be a tad O.C.D. by nature and plan for worst case scenarios for our household, which in my book is just smart planning. We've recently been meeting with our lawyer to get our wills in order, as well as our individual health care directives and general powers of attorney documents drafted. Additionally these documents will provide provisions for when we have children as to how they would be taken care of in the untimely event of both of our deaths. Having to consider who will take care of our child and draft legal documents around the fiscal aspects, as well as the care giving aspects has been very fascinating to discuss with siblings on both sides of our families.

We're drafting our comprehensive wills with provisions that turn the assets over into a trust. Then, the child can only gain access to the fiscal resources when they are older and more responsible, with the exception that our primary and contingent named care givers can tap the assets if they need them to care for our child. I always joke and sometimes say..."Today is the day I could be wiped out by a bus," so it's nice to get all our wishes and directives down legally on paper and get this important household document in place. Regardless if you have children in the picture currently or planned, every household needs a will in place and other documents to make it easier when you do finally go. Being in a community property state, versus common law state makes for some trickier rules about probate and death.