Estate Planning for Women
Estate Planning is important for both men and women, it is likely to affect women more profoundly. Women live longer on average and tend to marry older spouses. For many women, they underestimate their longevity, so it is vital to plan for a lifespan beyond your 70-80’s.
What is Estate Planning
The word “estate” seems to indicate a wealthy lifestyle, however, that is not the case, everyone has an estate and needs a plan. In order to protect yourself, there are some basic principles it is important to understand when looking at this topic.
This is a document that directs how your property will be passed. Property includes bank accounts and real estate as well as personal property.
Durable Power of Attorney
This is necessary to determine who will make decisions on your behalf if you are incapacitated. It is important to appoint someone to act on your behalf for legal and financial matters if you can’t, even if this is on a temporary basis.
This is necessary to express what type of “life-saving” measures you would want if necessary. Also health care proxy authorizes someone to make medical decisions for you.
Estate Planning to Protect Your Children
Have you considered who will care for your children if you die unexpectedly? Without the advanced legal planning we do at Florida Women’s Law Group, your worst fears for your children can (and do) take place:
Your children could be placed into the care of the Department of Children and Families, even if you have a will and even if you have a living trust, although only temporary, do you want your children in that situation, even for a minute
Your children could be placed into the care of someone you would not choose to raise them. When there is an unexpected death, every family member wants the children and sometimes they don’t agree, and sometimes it is not someone you would choose.
There could be a long and drawn out custody batter, there could be a challenge to the guardians, and you have not planned and provided the court with your wishes and direction on who is the best person to raise your children.
The costs of the court battle will come out of the assets you left for your children, for their future.