Estate Planning Can Be Daunting, But It Shouldn't Be Avoided
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.
Episode Highlights
- [02:16] I highlight the two key estate planning documents that will transfer your assets to your designated heirs.
- [05:14] I discuss which assets aren't transferred by will or trust and how to account for these in your estate plan.
- [08:31] I describe the differences between an executor and successor trustee and offer suggestions for how single women can decide who to appoint to these roles.
- [13:14] I give examples of how executors and successor trustees are compensated for their responsibilities.
- [18:35] I wrap up the episode by discussing two estate planning documents that can go into effect while you're still living--healthcare and financial powers of attorney.
Links Relevant To This Episode
Looking for more advice? Contact us!
Here's The Full Episode
Enjoy!
Other Ways To Enjoy This Episode
Do you love Financial Finesse? Please leave us a review on Apple Podcasts!