The Days Of Women Quietly Remaining In The Background As Their Husbands Make All Of The Financial Decisions Have Passed
Since women flocked to the workplace in the late 70s, their roles in the household have shifted dramatically. More and more, women are become active in investing, in preparing financial plans, and looking out for their own best financial interests and futures. Yet, too often too many single mothers do nothing when it comes to planning their own estate and making arrangements for their families.
Here Are Four Elements Of Estate Planning That Every Single Mother Should Prepare To Be Sure Her Children & Herself Are Protected:
- If you have young children, a will is a must. Most women cannot even begin to think about not being around to raise their young children because the topic is so upsetting. What’s even MORE upsetting is the thought of someone they did not designate raising their children. Those who die without a will are inadvertently directing the decision to a judge who will make this critical decision on their behalf.
- Many single Moms fail to give a second thought to preparing a financial power of attorney to keep them and their family out of court. If she should become disabled, this document will designate someone she trusts to manage her finances. A power of attorney is critical for simple things such as paying the mortgage or withdrawing cash. Every single mother should have a financial power of attorney.
- The companion to the financial power of attorney is the healthcare power of attorney. As a single mother, children rely on the Mom getting well and returning to care for them. Single Moms MUST designate someone to make sound medical decisions if she should become incapacitated and a healthcare power of attorney is the tool to all this.
- Probate is a court-supervised process to manage a person’s assets after she dies. It is a lengthy and expensive process. Your assets (investments and savings) could wind up being tied up in the probate process or worse, lost to probate attorneys and probate costs. A revocable living trust is what a single mother can use to protect her assets. This way, if something happened to you, probate is avoided, and your children can be provided for.
If you or a loved one needs more information about estate-planning, learn more by attending our free monthly estate-planning seminar 12 Deadly Sins of Estate Planning. Find a date that works for you.
