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Special Considerations for Women’s Estate Plans

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Because women have longer life expectancies, with an increased likelihood that they will survive a husband if they are married, they need to ensure they have a solid estate plan in place that addresses their needs and the needs of their family members in the future. Avoiding the following pitfalls in women’s estate planning can help:

  • Don’t put off planning. If you fail to make a plan, your assets will be considered intestate and may be divided between a spouse and children. This could mean that your spouse will lack the resources he needs to live on. It may also put assets for children at risk or trigger unwanted tax obligations for your estate.
  • Put a prenuptial in place before it’s too late. It may seem unlikely that you will get divorced, but to secure your financial future should your spouse die — or ensure that your assets are protected if you get divorced — you might consider instituting a prenuptial agreement as a prudent estate planning strategy.
  • Avoid waiting to set up trusts. Sometimes after your passing, a spouse may get remarried and your kids may get divorced, which means that the inheritance intended for them may be compromised. Establishing a trust will help protect assets after your passing so that your intended beneficiaries receive what they deserve.
  • Don’t neglect plans for personal items. Wills often provide for the distribution of personal items, but cannot necessarily account for those with sentimental value. Inventorying those items and preparing a list detailing how you want your Personal Representative to distribute them your Personal Representative will help prevent misunderstandings and conflict.

If you could use dependable legal guidance on the estate planning process, consult a dedicated Palm Beach lawyer at Doane & Doane, P.A.

The post Special Considerations for Women’s Estate Plans appeared first on Will, Probate, Trust, Tax & Estate Planning Law Firm in Palm Beach County, Florida.


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