Women face many unique issues when it comes to estate planning.
Because they typically outlive men, they must be more careful when it comes to planning for their financial futures.
They will also face pressure from children and grandchildren when it comes to their estate plans.
An article on bizjournals.com lists a number of common mistakes that women should try to avoid or actions they should take:
- Having no plan. Without one, your assets may go to those to whom you dont want them to go.
- Consider a prenup. This can preserve assets for your family upon divorce or on your passing.
- Think about what you want to do with personal items. Figure out how to divide them fairly.
- Consider the use of trusts. A trust will allow you to control disposition of assets.
- Choose fiduciaries carefully. These are the ones you name to make decisions for you in case of incapacity.
- Pay attention to beneficiary designations. These are the ones named in IRAs, 401 (k)s and other plans.
- Plan for liquidity in your estate. You dont want assets to have to be sold to pay estate taxes
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
