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Home » Resources » Frequently asked questions » Women and the Need for Estate Planning – FAQs

Women and the Need for Estate Planning – FAQs

      • Why is estate planning often more important for women?

      • Statistically, women are more likely to outlive their spouse, ultimately leaving them to be the one to pass down the marital assets to children and other beneficiaries. Women also tend to me the caretakers of the family, making them more likely to be concerned with issues such as guardians for minor children and even plans for again parents. Finally, more and more women are becoming entrepreneurs, adding in another important estate planning consideration into an already lengthy list of estate planning components. For these reasons, and more, estate planning for women is important.

      • How does a Last Will and Testament fit into my estate plan?

      • The most well-known benefit of executing a Will is knowing that you will not die intestate. If you fail to execute at least a basic Will prior to your death, the state intestate succession laws will decide how your estate assets are distributed. Typically, this means that only a spouse and/or close relatives will inherit from your estate. Close friends, charities, and more distant relatives will receive nothing from your estate. In addition, executing a Will allows you the only official opportunity you will have to nominate a Guardian for your minor children in the event one is ever needed.

      • Should I create a reciprocal or joint estate plan with my spouse?

      • Ultimately, this is a decision you must make after consulting with your estate planning attorney; however, as a rule, it is usually better for spouses to create plans that work in harmony with one another but that remain separate. Because there is no way to know, with certainty, what the future will bring, you do not want to create an estate plan that is completely dependent on your spouse’s plan to function properly.

      • Why is incapacity planning crucial?

      • Incapacity planning should be part of your estate plan from the beginning because incapacity can strike at any time and to anybody. Without an incapacity plan in place, you have no way of knowing who will make health care decisions for you, who will take over control of your assets, or who will make personal decisions if you cannot make them yourself.

      • How does retirement planning fit into my estate plan?

      • The odds are good that you will outlive your spouse. This makes retirement planning even more important for you as a woman. You need to be certain that you will have sufficient assets and income to live comfortably if your spouse is the first to go. Because retirement planning and estate planning are so closely related, and a change in one plan almost always affects the other plan, it is always best to combine your retirement and estate planning into one cohesive plan.

      • Does the way in which my spouse and I hold legal title to assets matter?

      • Yes—and it is often overlooked by couples. The way in which you title assets can determine whether the asset is required to go through the probate process or is automatically transferred to the surviving spouse upon the death of one spouse. Titling assets as joint owners with rights of survivorship means that the asset will bypass probate upon the death of one owner and that owner’s interest in the asset will transfer directly to the surviving owner (spouse).

      • Why should I include Medicaid planning in my estate plan?

      • Over half of all seniors in long-term care (LTC) rely on Medicaid to cover the high cost of that care. Again, because you are statistically more likely to outlive your spouse, you need to plan for the possibility that you will one day need LTC. Conversely, Medicaid planning is also important to ensure that your spouse does not deplete your entire nest egg with his LTC expenses, leaving you with nothing.

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If you have additional questions or concerns about contesting a Will or about preventing people from contesting your Will, contact an experienced Indianapolis, Indiana estate planning attorney at Frank & Kraft by calling (317) 684-1100 to schedule your appointment today.

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