Why is estate planning an important aspect of becoming a Financially Wise Woman?
To me, an important aspect of being financially wise woman is being in control of your financial assets. Having a well crafted estate plan is a piece of that puzzle. A comprehensive estate plan can protect you in two important ways. First, it protects your assets from unnecessary expenses, such as probate costs and estate taxes. Second, it gives you the ability to control how your loved ones inherit your assets.
What are some common myths about estate planning:
The main myth about estate planning is that it’s only done by wealthy people. The reality is that everyone need an estate plan. It helps avoid probate, save on taxes, take charge of what happens to our assets when we are gone and most importantly protect our loved ones. Estate planning is even more important when you have young children. You can use an estate plan to dictate how your children will inherit their assets. For example, you can decide at what ages they will get distributions and for what purposes. Depending on
what’s important to you, you can decide to make distributions for things like college education, distribution to purchase a home, health costs, starting a business and so on.
Finally, you get to decide who will control your children’s assets and who will raise them when you’re gone. This is very important to point out because people don’t realize that, in the absence of an estate plan, a judge who does not know you, your family or your values, will decide these things for you.
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Britt Castro, CFP® and Founder of Financially Wise Women
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