Estate planning is important for everyone to do, but it can be especially important for women, who often outlive their spouses.
Although no one likes to plan for the day that they will no longer be here, making sure you have a solid estate plan in place can allow you to enjoy life, knowing that the people you love will be taken care of.
Here are five concerns that women should address in their estate plans:
Don’t forget personal property. Many people tend to focus on big-ticket items during their estate planning, such as investment accounts and retirement savings; however, your personal items such as art collections, antiques and family heirlooms may be just as important to the people you love.
Use trusts to plan for the unexpected. As you already know, it’s impossible to plan for every last scenario that the future could hold. The good news is, you can use trusts so that you don’t have to. A trust allows you to control who your assets pass to, without letting creditors or ex-spouses get in the way.
Choose the right people to serve as your fiduciaries. If you have minor children, appointing guardians is one of the most vital things that you will need to do. You will also need to face difficult decisions such as who you want handling your health care decisions and finances if you lose the ability to do so yourself.
Consider the tax consequences of your estate. Taxes can greatly impact the gifts that you are trying to leave to loved ones. It’s very important to plan accordingly so that your gift doesn’t end up turning in to a financial burden for your heirs.
Keep reading for more estate planning tips for women. Or better yet, meet with an experienced estate planning lawyer in your area who can make sure the people you love most are taken care of when you are gone.