Have you started
planning your estate yet?
With the increasing financial role of women in household wealth, it's important to make sure that your assets are being passed on to the appropriate parties. The same estate planning tips do not always apply to both men and women. Here are a few estate planning tips for women who bring wealth to the table.
Estate Planning Tips for Women:
- Durable Power of Attorney – Since women are more likely to live longer than men, they are more likely to need long-term care insurance. A durable power of attorney will keep the court from taking control of your assets.
- Revocable Living Trusts – In the event of incapacity, revocable living trusts often provide better protection than a durable power of attorney. This document also contains instructions on distributing your assets after death.
- Caring for the Elderly – A woman’s estate plan should include plans and assets for taking care of loved ones that have fallen under her responsibility.
- Estate Plan Revisions – Women who remarry should revise their estate plan to make sure that assets are available to pay for the new spouse’s medical needs.
- Divorce – Be careful about what assets stay in your name following a divorce. This can affect not just your current assets, but your future retirement accounts and pension plans.
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