estate planning divorce
The Fact about Estate Planning That Every Woman Should Know
Estate planning is a subject that is not a happy one to discuss. However, it is a very important one and additionally, it is one that every woman should be well versed in. Discussing how your assets will be handled upon your death can be thought of as a taboo subject, but it should be noted that if handled correctly, it is a subject that can leave you feeling confident and secure.
As a woman, the statistics show that if you are married you will more than likely outlive your partner or divorce could lead you having to be in control of your assets and your estate. Finally, if you are single or if you remarry, you must also consider estate planning to make sure your assets are handled specifically to meet your wishes.
Steps to Take When Considering Estate Planning
It is important that every woman, regardless of age or marital status, take a pro-active approach when handling estate planning. There are several steps that you must take when beginning to work with a estate planning professional on this process.
First, take an inventory of all of your assets. This can be everything from property, investments, bank account balances and insurance. Make sure you know what is in your name and the value associated with it for estate planning purposes.
Next, work with a financial advisor in your estate planning to develop a way to minimize taxes that you may owe on all of your assets. Depending on the value of your estate, your heirs may be subject to inheritance taxes.
Another step is to make sure you know the kinds of financial documents that are available to you in the estate planning process as a woman. Understand the differences between a will, a revocable trust and a trust to benefit children. These pieces are very important in the estate planning process as a woman.
Seek Professional Advice for Estate Planning
Finally, it is always important for you to consider contacting a professional when you are interest in estate planning. As a woman, you must make sure you find someone you not only trust, but someone who understands all of the options available to you.
It is never too early to begin to consider estate planning and you are wise to investigate it thoroughly so that you have an understanding of the nuances behind the tools and documents that could protect your estate for generations to come.
Contact an estate planning professional today for a consultation. Your children and grandchildren will thank you.
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About the Author
What is the deal about purchasing a foreclosed house?
I am planning to purchase a house in Wichita falls Texas, in 2007. I get these emails to purchase a list about repos, and foreclosed homes all of the time. Are the list worth it, or are they a ripoff? Are the homes cheaper? Do I need a real estate agent or lawyer to work the transaction? If it is in a location I like, is it better than purchasing a home on the market? Finally, what are the pros and cons in a nut shell about purchasing a repo or a foreclosed home? It has been almost 9 years since I purchased a home, and that one went into foreclosure after the ex lived in it, post divorce!
We bought a foreclosed home last year. Our Realtor showed it to us, just like any other house. It had been vacant for 2 years, and had not been well maintained prior to that. There was some extra paperwork to sign, mostly releasing the bank from any responsibility for things that did not work. Nothing worked. We have been here for almost 6 months, and are still renovating. We knew what we were getting in to when we made the offer. Even with all of the work we have done we have still spent less than half of the market value of other homes in the area. My advice to you would be to work with a Realtor.
Karan-Shraddha Planning Divorce ~ SBS 6th Oct. 09 Report #VHQ#
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