Why is Estate Planning important for women?
Estate planning is much more than having a will and trust in place. Of course, that is part of it, but effective estate planning puts you in control over your finances while you are alive and ensures that your family will avoid the costs, delays and frustrations that come with managing your estate after you pass away or if you become disabled. Being financially wise isn’t only about building wealth while you are alive. What people fail to realize is that estate planning is a method of asset preservation, a way to hold on to your hard earned money and life savings. It’s a way to protect your legacy and to provide for generations to come. Establishing an estate plan is one of the easiest ways you can protect yourself and your loved ones financially. Effective estate planning includes a variety of planning tools including business planning, asset protection, advanced tax planning, kids protection planning and special needs or disability planning, to name a few. Special needs planning might be especially important for mothers with disabled children.
What are some common myths to Estate Planning?
Most people think estate planning is just about death. People say… “I’m too busy to think about it…” or “I’m young and healthy…I have nothing to worry about…” Or maybe they assume that they can’t afford it. I personally understand how emotional and challenging the process can be. People put it off. But effective estate planning is really the best way to minimize the uncertainty and fears that are associated with these topics. An effective plan will legally protect your children (and your property) in the event of your disability, incapacity or death. Most people find that it gives them peace of mind to go through the planning process, knowing that their wishes will be carried out in the event of an emergency. An estate plan is about protecting your hard earned assets and your loved ones’ well-being. Spending some time and resources now will go a long way towards protecting your family. People, especially parents an anyone planning on starting a family at some point need to view a proper estate plan as an investment in their family’s future, rather than a necessary evil.
What tip can you give women regarding estate planning?
As I said, I see too many women fail to protect their family and loved ones by putting off the estate planning process because they don’t want to think about death or disability. Or, they leave it up to their husbands to take control. One of the most important steps to becoming financially wise with respect to your estate is to sit down and think about the world if something should happen to you. A big part of what I do is Kids Protection Planning, which is a specialized area of estate planning for parents. It basically ensure that your kids are taken care by the people you want, in the way you want, should something happen to you. As a financially wise woman, especially mothers out there, you have to plan for your kids’ future if the unthinkable should happen to you. I find that when women sit down and give it some thought, they realize how important the estate planning process is, not only for them, but for their loved ones. My biggest tip is, don’t put it off…like most things in life that are important.
Vanessa Terzian and V. Terzian Law are not affiliated with LPL Financial or Perennial Financial. LPL Financial and Perennial Financial do not provide Legal advice or services.