Estate Planning for Women

Estate Planning for Women While Estate Planning is an important task for anyone, women most notably need an understanding of estate planning and need to have their own plan in place. Estate planning in Colorado should be of particular interest to women for numerous reasons: Incapacity. On average, women tend to live longer than men and therefore have an increased need to plan for any physical or mental incapacity that may occur in their later years. Long-term care insurance is a viable resource to help cover those costs and help women remain in their homes for as long as they can. It’s important to begin planning immediately to prevent the court from taking control of personal care and finances should a woman become incapacitated. At a minimum, women should be sure to have a durable attorney in place for both medical and financial decisions. A revocable living trust has the dual benefit of providing asset protection, as well as distribution instructions upon death. Dependents. Women with minor children should always have a will in place with a guardian named to prevent a judge from determining the caregiver. Some women may also want to make special provisions for aged parents, a special needs dependent, and pets. Some may also choose to obtain additional life insurance to provide financially for the future of these loved ones. Women may also choose to put a trust in place to provide education for dependents. Charity. Those women who want to will their assets to an educational or religious charity upon their passing must include this in their estate. Without a plan set into place, the assets will be distributed according to Colorado state law and it’s highly unlikely that any of the money will go to charity. Additionally, if a woman so chooses she may name a charity as the recipient of life insurance benefits. Assets. Women in a professional industry such as medicine or law should be particularly concerned with the protection of their assets in the event of a lawsuit. Women owning businesses must plan for what will happen to their business should they become incapacitated or die, succession planning should always be a part of estate planning in these situations. Marriage. Many women tend to select a husband who is older than they are, which increases their likelihood of becoming a widow. Forgoing proper estate planning may cause a decline in a woman’s standard of living as she becomes elderly. A woman in a second marriage will need to plan their estate in a way that does not disinherit any children they may have from their previous marriage. In addition, due to the fact that most married women survive their husband, they usually ultimately have final say over who will receive their assets. For this reason women must take an active role in any estate planning decisions, a widow without any knowledge of how to participate in the asset planning will find it overwhelming and will have difficulty making educated determinations. Unmarried. Lacking valid instructions, state law will prevent any friends or charities from inheriting a woman’s estate. Additionally, a woman will want to ensure she has updated documents if she is divorced to prevent her former husband from using any documentation from the marriage to make financial or medical decisions for her. You deserve to have your wishes respected in their entirety; if you’re looking for an estate planning attorney in Denver, contact The Law Center today at 303-991-5200 to schedule a initial consultation and let our experts help with your estate planning today. : Tags: Colorado, Denver Estate Planning, Estate Planning The Law Center PC