Estate planning is something that applies to every single person regardless of their position in life and current marital status. It’s often hard for women to understand the unique facets of estate planning that they must consider and in fact, in many estate planning seminars, women don’t even speak up. 
There are several different tips that can help women who have never approached the estate planning process before to do so with ease. First of all, keep a list of trusted advisors. Many adult children in recent surveys have not been able to name their parents’ accountant or attorney.
You and your children shouldn’t just know their names but should also allow for a quick introductory phone call. The same goes for bankers, insurance brokers and financial advisors.
An updated list of these important professionals who understand your individual situation should be included with your will. The second thing to do to protect your estate planning is to use a thumb drive. There are real and current concerns over digital assets. Do you have the login information to your parents’ or spouse’s account?
Consider storing this on a thumb drive or using password manager to enable those people who need it to have access to all of your accounts. Having a conversation about estate planning can break the ice and make things easier for everyone involved. You don’t have to share balances, but at a minimum you should share bank account numbers and advisors with someone who needs to step in and take action if something happens to you. The next step is to keep all of your documents secure. Are all of your trusts and wills currently stored in a bank safe deposit box or at your lawyer’s office and your insurance policies are in another location?
Make sure that you have a list of all of these documents including where they are stored. Finally, if you have a family business, work directly with a business succession planning lawyer to outline a plan to enable your business to move on after something happens to you.
