survivors with the stress, expense and headache of probate is probably not how you would like to be remembered. 2. To decide who is in charge and who will inherit your assets A revocable living trust allows you determine how your estate is managed and what happens to your assets after your death. 3. To enjoy benefits during your lifetime It is good to know that your estate plan will kick in if you pass away, but the assurance that your trustee has the authority to access your financial accounts if you are incapacitated during your lifetime may be even more comforting. Reasons to Create an Estate Plan (Especially for Women): 1. To organise multiple inheritances Women often inherit twice in their lifetimes – typically from their parents and a second time if their spouse passes away first. Often, they are the primary caregiver of older relatives, spouses and sometimes even adult children. Their nests may never be truly empty. 2. To protect your children While all parents have the best interests of their child at heart, a mother may be most focused on protection. Setting forth a guardianship document which appoints a family member or friend to raise her children is a far better strategy than allowing a court to make that determination. Financial protection is of utmost concern as well. With her hand-picked trustee in control of distributing money to minor children, and possibly to adult children as well, a mother can take comfort in the knowledge that her beneficiaries will not have the ability to squander their funds due to the folly of youth. 3. To avoid disputes in blended families Most people would agree that being a stepparent is complicated. This becomes even more so with end-of-life issues at play. Women tend to live longer than men. So, when her husband passes away, a widow may be faced with disgruntled stepchildren who ordinarily would have inherited their father’s wealth at that time, but the assets passed to their stepmother instead. If the stepmother joined the family when the children were at a tender age, they may have established a bond like the one they enjoy with their birth mother. But if the marriage took place in their adulthood, a relationship of this nature may not exist. That disconnection can make the entire process more difficult because the stepchildren may not feel compelled to cooperate. Blended families can be a spiderweb of legal, financial and personal complexity, so getting the estate plan right can make a woman’s life easier. Women of Colour According to recent headlines, women of colour are less likely than white Americans to have executed a trust and will. One of the reasons for this 56 LAWYERMONTHLYDECEMBER 2022 Passing generational wealth is critical for minority women who wish to lead their descendants to success and elevated achievement.
RkJQdWJsaXNoZXIy Mjk3Mzkz