Three Document You Need Right Now

As women, we are used to running around, organizing, managing, and generally fixing things for everyone in our families.  We have grown so accustomed to taking care of everyone else’s needs that sometimes we neglect our own especially when it comes to financial and healthcare matters.  Between the demands of work and family, we often fail to make time for essential matters like estate planning.  Who wants to think about that when you’ve got carpools, conference meetings, piled up laundry, and yoga class every evening?  As women, we need to take a hands-on approach when it comes to planning for the future.   If you need any further convincing consider the following:

  • Women live, on average, 5 to 7 years longer than men.

 

Often, the financial, retirement, and estate planning choices we make, places the bulk of the burden on us.  It is essential then, that women be active and educated participants in planning for the future.

Here is a brief list of what you need and why: 

  • Will:  a legal document that states what you want to happen after you die.  It includes how you want your property, assets, and money distributed.  If you have minor children, it will state who you want to raise your children (assuming there is not a living parent).  It will also state who you want to be in charge to assure your final wishes are carried out.  If a person dies without a will, the State has a distribution plan that may not match your interests.  Therefore, it is wise to make a will.
  • Living Will:  a written set of directions regarding your health care, to be followed in the event that you are unable to make or communicate health care decisions.   A living will names someone to make your health care decisions for you when you are unable to make them for yourself, gives directions regarding life-prolonging treatment, and gives directions regarding your desire to be kept alive using artificially provided food and water.
  • Power of Attorney (POA):  a voluntary written document in which you appoint a person to act on your behalf.  Your document is tailored for your needs and the person is limited to act within the scope of what you have allowed them to do, such as conducting banking on your behalf.  You can also tailor the POA to only be valid once you become incapacitated.

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    Although discussing estate planning doesn’t make for lively cocktail party conversation, it is a discussion that you need to have with yourself and your loved ones.  Estate planning is really about ensuring your affairs are in order and that your family is taken care of now and in the future.

     

    Legal Disclaimer:  This article is for general educational purposes only and should not be relied upon as legal advice.  Please consult with an attorney for your best estate planning options.