As a woman, and one of good repute, taking matters in your own hands is the best way to make sure you have your future secured. After working so hard to create a comfortable and secure lifestyle for your loved ones, it is time to come up with an estate plan.
But many ladies make one or two mistakes when it comes to the process.
Let us look at these mistakes that women make.
Not Knowing their Worth
You cannot plan what you don’t know. This is why you need to know what your estate looks like so that you can plan for it. Many ladies put off this step because they believe that they don’t have enough wealth to plan, or that they are too young to start planning.
Start listing your estate before you come up with a plan. After this, you can communicate your wishes to your estate planning lawyer. It is not a bad idea to come up with a draft plan before you meet with the lawyer, as it will reduce the time you take to come up with the final document.
Starting the Process late
Many ladies focus on their jobs, family and rising kids that they forget that they need to plan their estate. If you are single and you have assets to your name, then it is high time you start planning your estate.
The discussion you have should happen before you get married, and might become very tricky if you have to sign a prenuptial agreement.
Thinking that a Will Isn’t Necessary
Many unmarried women feel that it is not their duty to leave a will behind – wrong assumption. Even when you are single, you still have loved ones – your parents and siblings.
It is important to have a will that will set out who gets what and in what amounts. Sadly, many women create their wills online, which end up being invalid.
If you don’t have loved ones that you can give your assets to, then establish a trust to give the assets to charity, or your church.
Postponing Medical Directives
You to have advance directives, whether you have minor surgery or a terminal illness. An advance directive will tell the people who make decisions on your behalf.
Remember it is not all about your wealth, but also about your health too. When you can’t make decisions due to a certain condition, it is just right that you have a trusted person to do so on your behalf.
Lack of a Power of Attorney (POA)
While the advance directives will give the mandate to a person to handle your issues when you are sick, the POA will help you when you are incapacitated and thus unable to make the right decisions on your own.
The POA will be able to hand a few issues, or even all of the issues that come up. The POA is drafted according to your directive.
Depending on your needs, you will have different types of POAs to choose from, a step that depends on your needs. Visit the estate planning attorney to discuss the options that you have.
Failure to Transfer Deeds after Divorce
If you get married to a man who still owns property in lieu with the ex-wife, then you need to take a necessary step – transfer the assets. If your husband dies off or you get separated, then you will only inherit the half under his name.
You need to note that the mere fact that you are married to the man doesn’t guarantee that you will get your hands to the property – the person who holds the deeds owns that property.
Assuming that Your Spouse Automatically Receives Your Assets
Laws vary from one state to the other, and while some states will automatically transfer your estate to your spouse, other states will allow this to happen. To avoid this, make sure to go through probate to make everything legal.
Maintaining the Initial Estate Plan
Many ladies have the habit of forgetting that the estate plan needs to be updated time and again. As you take on more assets, it is ideal that you update the initial document. Periodically review your estate to know what to include and what to leave out.
Whether you have just landed your first job or you are a seasoned businessperson, make sure you have an estate plan. If you have people in this world that you care about deeply, then go ahead to come up with the best plan for their needs.