Next up is life insurance or long term disability insurance. I have a little life insurance through work (funeral expenses basically) plus a million dollars each for myself and Mr. Meer. The impression we got is that policies basically don’t bother going below a million. We initially got it when we became home owners and we wanted to cover the cost of the mortgage but once we looked at the numbers it made more sense to do a million. Looking back on it now, if one of you passes but the other survives, you want (in my opinion) the surviving spouse to be able to quit work or at least take a long leave of absence. Working full time + the day care drop off/pick up hustle + all other life stuff solo + grieving is just way too much. The general advice is that no major decisions should be made till at least a year after the other spouse passes.
Getting life insurance will require having a physical done by one of their people. When we got two life insurance policies I think we had to have two separately scheduled physicals which was dumb, but the person was able to come out to our house and just get our vitals. Just mentioning that since it’s corona-times, I imagine they could probably do it outside?
Next up, and this will be a long haul kind of project, make a list of where all your accounts are at. You don’t need to include log in information in this document, just pretend you and Mr. FG disappeared tomorrow and someone needs this piece of paper to know where all your checkings, savings, credit cards, mortgage/rent, utilities, life insurance(s), HSA/FSA, retirement accounts, 529, etc. along with your baby’s pediatrician, day care info if any, etc.
Since my child has special needs I also have the info for his specialist doctors, therapists, etc.and since he’s older I wrote up some of his preferred foods/activities/behavior stuff and a general routine to our day (which, lol, just occurred to me is wildly out of date cause it’s from Before Corona when he still went to school and had after care).
There is more information on the personal finance subreddit on end of life planning since “[family member] suddenly died” tends to come up regularly there. I found it helpful as a starting point.
Again, this is a lot! A couple years ago I was trying to do monthly adulting goals and “make wills” was one of them. Something like six months later it actually got done, but that’s better than never! Then after that was something like shop for car insurance, then after that was making a list of our assets, etc. Take it in whatever order, do one thing at a time.