A good Milford estate planning attorney is going to help you take a lot of things into consideration when putting together your plan. Various factors influence your estate planning after all: finances, children, age…But what about your gender? Is estate planning for women different than it is for men?
Actually, there are some important things to keep in mind.
A Spouse’s Will Is Not Enough
Milford estate planning attorneys see again and again where a married couple believes that only one of them—usually a husband—needs to have a will. This can cause a lot of problems in the long run, however.
- Your family may not know your wishes, even if you think they do.
- In times of grief, people aren’t always at their best and could resort to fighting over the estate.
- If your spouse remarries, the new wife (and her children) could legally inherit your things.
These are just some of the scenarios estate planning attorneys see playing out when one partner is relying on the other’s will.
Women Need Powers of Attorney
Various types of powers of attorney are an important part of an estate plan, and this can be especially true for women. The average woman’s lifespan is longer than a man’s, which means that she may be on her own near the end of her life. With no spouse to make medical and financial decisions should she become capacitated, it’s even more important to make sure appropriate appointees have been legally declared.
Updates are Needed When Marriage Status Changes
When one spouse has passed away, it is always a good idea to review the surviving spouse’s estate plan. There are likely some changes that need to be made based on changes in income and other living circumstances. A knowledgeable estate planning attorney in Milford will be able to help redefine the goals you and your spouse set in order to ensure you stay on track.
It’s also very important to meet with an estate planning lawyer after a divorce. The details of the divorce can strongly impact your financial future, and the attorney will work to make sure you know and have access to what is rightfully yours. Additionally, if you already have a will, you will need to change it to avoid the confusion of your ex being named to receive any of your estate or assets and to direct how you want your estate distributed.
A Trust May Be a Good Choice
A mother wants to provide for her child in every way possible, and while trusts are something that are often associated with rich people, they are a great tool for just about anyone with heirs. Talk with an estate planning attorney about why and how to go about creating a trust to help protect your children or grandchildren’s future should you not be around to help them.
There are plenty of other considerations that apply specifically to estate planning for women, and the best way to get all the information you need is to get together with a qualified, experienced attorney in Milford. To schedule an appointment for a complimentary planning session at our Milford office, we invite you to call (203) 877-7511 to get started.
