This year has reminded all of us how precious and fragile life is. It’s also highlighted the importance of having a financial plan–especially during periods of uncertainty. That’s why for my third episode of Financial Finesse Season 2: What Keeps You Up At Night?, I’ve decided to focus on estate planning and the documents every single woman should have in place.
Many people avoid the topic of estate planning, thinking it’s too morbid to discuss or something that only applies to the ultra-wealthy. The truth is, everyone with assets to their name should have an estate plan, regardless of current net worth or marital status.
Estate planning is especially important for single women. While married couples have the assurance that their assets will remain with one spouse if the other passes away, a single person must specifically designate one or more beneficiaries or risk her assets going to someone she may not have chosen. In addition, single women have the added stress of appointing such roles as executor, successor trustee, healthcare or financial power of attorney, which often keeps them from moving forward with their estate plans altogether.
In this episode, I discuss which estate planning documents every single woman needs and offer suggestions for how to choose and appoint people for key roles if you don’t have a spouse or partner. I hope it will help put your mind at ease about the estate planning process and encourage you to end the year confidently, knowing your financial plans are in order.
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