It is a fact - women outlive men. According to www.forbes.com, they also tend to marry older spouses and are three times as likely to be widowed by age 65.
So, after you have inherited the "family estate," you gotta have a plan for it.
First, however, be sure to mind the fundamentals and take care of yourself first.
For more on this subject, we turn to a recent Northwest Herald article titled “Home State Bank Emphasizes Estate Planning For Women.”
According to the article, it is essential that women designate someone they know and trust to act on their behalf in financial and legal matters should they become incapacitated ... even temporarily due to injury or illness.
Prepare a general durable power of attorney.
The latter can both express your personal preferences about end-of-life care and authorize someone to make medical decisions for you through its durable power of attorney for health care decisions component.
While you are at it, make plans for the inevitable, too.
If you do not have a will or living trust directing to whom your estate should be distributed, then state law do this for you!
Bottom line: Talk to an experienced estate planning attorney to help you take care of these essential personal responsibilities.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: Northwest Herald (May 29, 2015) “Home State Bank Emphasizes Estate Planning For Women”