Women Should Hire an Estate Planning Lawyer
Many women delay thinking about what may happen to their assets after they pass on, and one’s own mortality is not an easy subject to think on. Whether one is single, married, widowed or divorced, it is important to make a plan for the distribution of assets after death. Women should read the following five tips to help with estate planning.
Put Oneself First
Most women are so eager to leave something behind for their children that they forget to ensure their own financial security in the event of a spouse’s death. For instance, women should consider the age at which they and their partner will start to collect social security benefits, and they should consult Orlowsky & Wilson Ltd, an estate planning lawyer in Libertyville, on maximizing that amount. Moreover, wills and other estate planning arrangements should be structured to provide enough resources for a spouse to live on.
Learn the Basics of Estate Planning
Women should know how to plan an estate long before they actually have a need for it. Basic estate planning includes understanding how solely- and jointly-owned assets are invested, and how they can be accessed. Learn financial advisers’ contact information, and safeguard usernames and passwords for online financial accounts. Estate planning includes understanding strategies for the efficient pass-along of wealth, such as federal gift and estate tax exclusions.
Write Down a Plan
The simplest and best way to ensure that the family is protected in the event of a mother’s or father’s death is to write down a plan. Even for young people, a basic will can force one to think of important factors such as inheriting wealth and charitable donations.
Designate Beneficiaries and Update as Necessary
Odds are that one has an IRA or 401(k) that permits naming a beneficiary. It’s important to choose someone and to keep selections updated, as they typically supersede anything written in a will. Women should review beneficiary designations yearly, and update them after major life changes such as divorces, deaths and births.
Consider a Trust
Some trusts can provide women with more control over asset distribution after death, and they can help to minimize the tax ramifications of wealth transfers. Consult an estate planning lawyer in Libertyville, for advice and legal strategies.