Estate Planning: What Women Should Know
It’s well understood that women typically live longer than men — and often outlive their spouses when married. That’s why creating an estate plan that addresses women’s unique financial needs is an important, although sometimes overlooked, financial imperative.
The following proven strategies can help women as they develop an estate plan and prevent missteps that could jeopardize their financial security:
- Prioritize the planning process. It’s easy to put off planning for a day far in the future, but if the worst happens and you pass away without a plan in place, the law will deem your assets intestate and may divvy them up between your spouse and children. That means a spouse may lack resources to live on, which is not your intent. Trusts established for children may also vulnerable and your survivors may be liable for estate taxes that could have been avoided.
- Take the time to set up trusts. It’s somewhat common for a spouse to remarry or have additional children after his or her partner passes away, or surviving children may divorce their spouses and leave their inheritance vulnerable to opportunistic exes. Trusts help ensure assets are fully protected and benefit loved ones.
- Consider the power of a prenuptial agreement. Although no one anticipates divorce, marriages do end and divorces can directly impact assets in your estate. A prenuptial agreement can protect you should you divorce or your spouse passes away.
- Prepare for the distribution of personal property. You may provide details in your will for how your property will be distributed, but you’ll want to make an inventory of sentimental items and leave specific instructions for your executor or personal representative as to who should receive them.
Consult a knowledgeable Florida estate planning attorney at the Charles Law Offices to create a plan that will address the needs of you and your family members.