We all know that, on average, women outlive men. What we generally neglect to consider is that they also generally earn less than men and have to manage expenses longer due to their longer life expectancies. Here are the second five of the top 10 estate planning guidelines for women:
Make timely changes to your estate plan. If your spouse dies before you do, be sure you reevaluate your estate plan and change any beneficiary designations.
Name beneficiaries for your retirement accounts. Naming beneficiaries on each of your retirement accounts instead of in a will means those assets will pass outside of probate directly to beneficiaries without delay.
Have a joint account with your spouse. Having a joint account with your spouse will enable you to have access to funds in case your spouse becomes incapacitated or dies suddenly.
Create a prenuptial agreement before remarrying. If you have children from a prior marriage that you want to inherit, you should create a prenuptial agreement before you remarry that outlines your new spouse’s access to your assets.
Take financial responsibility. If you are not currently responsible for the day-to-day finances in your family, be sure you know all the details in case your spouse becomes incapacitated or dies suddenly.
Contact our Orange County law firm for professional guidance when planning your estate.