My late husband dropped dead at age 39. We had 4 children and his sister (same age as our oldest) in the home. No health ins to cover the hospital. No life insurance to cover the funeral and bills and no savings to cover anything including the amounts of the utilities. AND WORSE NO WILL.
It took 3 months for survivor benefits to kick in BUT since I had applied all the little help we were getting like WIC ended within a month of him dying.
I sold everything I could to keep the utilities on (didn't put one in my name because they wanted $300 to do that, in fact when I remarried they wanted that to put it in Hubby's name. We didn't do that) and the mortgage paid.
The his sister went to a cousin and his oldest we were raising went back to her mom. They both tried to take what was left in the house and the house. Thankful that the Judge not only sided with me but ordered them to pay MY lawyer for the extra costs.
The home we owned we had only 6 months and it was ONE step from being condemned when we bought it.
Within 4 years, we (as my kids worked right by my side) paid off the negative estate , doubled the value of the home and had a savings. I worked 3 part time jobs so I was always home when my kids were. We did yard sales once a week in the summer. Then Hubby came back in my life (high school sweetheart).
We have a will(due for updating next year) we have life insurance and we have medical insurance. We have each other listed as beneficiary on IRAs. I know what the social security benefit for me would be if Hubby dies before me.
I also know that the car insurance, health ins out of pocket, propane , electric, water softener, his life ins, his cell phone, vehicle maintenance, garden, personal, groceries and eating out would go down, maybe not half but at least 1/3rd. That's equal to what I pay for right now. I would sell the work truck, livestock trailer and flat bed dove tail trailer. I might sell the tractor and all the equipment and my truck and get a newer truck with a plow on the front. Other wise E will be over here plowing me out like he does the other 2 elderly neighbors.
If I die before him, he already told me he was selling all the garden stuff, canning stuff and 80%( probably closer to 90% as he is a 1 pot cook) of the dishes ,pots and pans. Not including my meds are a lot more expensive than his.
Still, know we are covered , I wonder if we are missing something.
When we update the wills, we are going to prepay our funeral expenses. Both of my parents did that, Daddy wrote his obit. Said he wasn't putting me through what Mother did (I wrote her's the day of our Thanksgiving) . We plan to do that also. Take that off the kids' backs.
We also decided if we died together or went in nursing home. Son 2 who is in charge of us and estate is to have an estate sale/auction, everything goes. Son2 did happy dance as it's in writing so none of the other kids can cause a problem or they don't get any of the $$.
Do you have that stuff taken care of?
Posts
Wow, great job! I think you have thought of everything. I'm sorry for the loss of your first husband. It sounds like a difficult time, but I'm glad you survived.
ReplyDeleteWe have a ways to go though. I made a will, living will, power of attorney and medical power of attorney. We both have life insurance, and everything is in both our names. Dh doesn't have a will though which worries me, but I can't force him to make one.
I had that problem with Hubby until I asked for a birthday gift of him at least listening to the lawyer of why he needed a will. Probate court is very expensive when there is NO will. was what changed his mind
DeleteYou know we don't in that respect.But this is a good reminder. You have such a strong spirit which is why I love and admire you.
ReplyDeleteWe have some things sorted but not to this extent so you have given me thoughts to put on our list.
ReplyDeleteWow, girl, every young wife/mother's nightmare. The bread winner dying when we are vulnerable. Did the younger sister/ and hubby's oldest son ever come back to live with you? Your comeback story is remarkable.
ReplyDeleteWe have our wills and everything else taken care of including medical power of attorneys. In one way we're even cheaper than you. We don't want funerals, not because of the money, we just don't see a point. We're to be cremated and placed together in the veteran's cemeteries.
Our assets, which are not inconsiderable at this time are going to three out of our five grandchildren. We may expand that to all five in the future, depending on how things go. Nothing at all to our three living children.
no, but when I say Daughter 1 it's my late husband's daughter. She even listed my hubby as her step dad when she went to work at the same factory.
DeleteWell, no!
ReplyDeleteWe are good and debt free which is such peace of mind.
ReplyDelete