Estate planning should be a priority for women. Women in the United States still earn less than men but need to make it last longer. Being unprepared for the future can cost you a lot in the long run.
Life expectancy for women in the US is five years more than for men. This means that women are likely to outlive their male spouses and take care of the family. This is why succession planning for women is so important. Speak to an avocat succession Litvack Dessureault LLP to get help with your planning.
Estate planning tips for women
- Take care of yourself first.
Many women forget to consider their financial security in the case their spouses predecease them. It is important to plan when you and your spouse want to collect your Social Security benefits to enjoy the maximum amount of money. Additionally, you and your spouse should set up your Wills to make sure the surviving spouse is left with enough financial resources.
- Identify a health care proxy.
Suppose you were to become incapacitated in the future due to a tragic accident or a disease. In this case, it is extremely important to appoint a durable power of attorney who can make decisions on your behalf. If you do not assign one or pass away before doing it, the court will appoint someone of their choice. This person might be ideal in the court’s eyes but not yours.
- Look out for your children and family.
In your Will, you should look out for your children and family. You want to make sure your children are taken care of and taught the principles and values you want to pass on to them. If you are a mother, you must want your child to receive motherly love even after you die. This requires choosing the right Guardian for your kids.
You may also want to establish a secure trust fund to look over their financial needs. This also makes sure your children are not a burden on someone else’s family.
- Discuss your estate plan with loved ones.
Talking about an estate plan can be difficult since death is an uncomfortable topic. However, having a heart-to-heart with your family members about the estate can reduce future uncertainty and stress. For example, if you want to appoint a guardian for your children, it is important to speak to the other parent, your kids, and potential candidates beforehand.
- Designate a financial POA.
There are two types of power of attorney: medical and financial. The medical one makes healthcare decisions while the financial one handles the financial sector of your life. You want to choose someone you trust completely, so they do not take advantage of your estate.