Craig's Corner - Wealth Planning Insights

Monday, July 21, 2014

Estate Planning Issues for Women

Estate planning for women may involve different issues than it does for men.  Women live longer than their male counterparts, are usually named custodial parents of their children and are more likely to be widowed.  These are just some of the differences that make estate planning a different process for women than it is for men.

If you are a woman, there are a many things to take into consideration when creating your estate plan.  Your marital status is one of them.  Depending on whether you are married or single, you will have to make different decisions.  If you are a single woman with no children, you will likely need to consider who will take care of you in the event of poor health or incapacity.  If you are married with children, your most important concern will likely be who will take care of your children in the event of your incapacity or death.  Coming in at a close second will be how your children will be taken care of, for example, should you obtain a life insurance policy.  If you are divorced, you will want to make sure that you change the beneficiaries on all of your assets so that your ex-spouse does not benefit from them.

If you are remarrying, it is important to think about your estate plan before saying “I Do”.  You might want to make sure that your spouse does not inherit to the detriment of your children or other beneficiaries.  You can take some steps prior to remarrying that can help.  Review all of your assets to be sure your named beneficiaries are correct and change any that are not.  You also have the option of setting up a trust before you get married to get your assets to the right people.  You cannot completely disinherit your spouse but at least you can minimize most issues with a little pre-planning.

Every woman should find a qualified attorney to consult with when creating her estate plan.  Every woman should also decide what she wants from her estate plan and consult with her attorney to determine if these goals are realistic.

Every woman should also consider executing the following estate planning documents:

• A Power of Attorney appointing individuals to make decisions on her behalf in the event of her incapacity.  
• A Last Will and Testament- especially if the woman is naming a guardian for her children.
• Advanced Directives outlining her end of life desires.  

Everyone should have an estate plan in place.  Call Las Vegas, Nevada estate planning attorney Craig Stone at (877)905-0890 for a consultation today.

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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