As the elder statesperson in the room, thought it’d be nice to talk about grown folks stuff on stream, so we talked about: buying a house, bitcoin, car AND advance directives, wills, living wills, etc. Whew! What a stream!
I am not a lawyer. I am not a financial adviser or accountant. Always consult a lawyer who is based in the state where you live.
The question came up in PMLE “What adulting milestone as you looking forward to?” and a whole bucket of people were interested in buying a home. I highly recommend that you start talking with folks as soon as the idea gets into your head - the process can take years, and much of that is preparing yourself financially. Check out this link for home mortgage documents. This is a good place to take a financial pulse, and I always recommend you can talk to your bank about what the process looks like. Remember that you don’t have to stay with that bank but you should shop for whoever is going to 1) be very supportive and 2) get you the best rates.
Remember too why you want to buy a house and what you will need to do to make sure you are strategic about your desire for home ownership. These are deep questions that require coming to terms with your financial realities as well as talking it out with cherished others.
I wound up buying the book “In Case You Get Hit by a Bus” (affiliate link) by Abby Schneiderman , Adam Seifer, and Gene Newman. Super easy to read and very engaging. Lots of check lists that will help you get organized in no time. I haven’t read the entire book but used it to outline some of the conversations we had today as well as curate some links for you all to check out:
Advance Directive: is two parts:
Health Care Proxy: who will be making decisions in case you incapacitated
LIving Will: what are your wishes for your medical care?
Will: Who is getting what including guardianship of your minor children and property. People fight over things and this is you putting your little foot down and saying "HOL’ UP.”
Ethical Will: This was the most interesting, but it’s essentially your wisdom and life story, passed down to whoever is next, so they get to know you. We often don’t think about our stories, but this is a good way to make sure you capture what’s important and share it with others.
Lastly, here’s a good check list for your consideration. Thinking about The End isn’t easy but these documents now when you’re healthy will be important.
Cheers to the GFE and esp Chow Yun Fatter for coming through!
ARLO