A Woman’s Guide to Will Planning in 2023: What You Need to Do Before You See Your Attorney
1. A change in your marital status
If recently married, you and your spouse will likely want to write or review your wills together, adding each other as a beneficiary and addressing your new joint assets, your separate assets, children from previous marriages, etc. If divorced, your will likely needs a major review of changed assets and heirs. If recently widowed, you may face decisions about assets received from your spouse’s estate.
2. New family members
Joyous additions to your family, such as new grandchildren or stepchildren, likely mean you may want to consider adding them as beneficiaries in your estate plan. Conversely, the loss of a loved one–such as the best friend mentioned above-can also mean a beneficiary change.
3. Plans to move
Probate and trust laws are determined by the state in which you live, so downsizing or moving to your seasonal home in a new state means a review of your estate plan is in order.
4. Change in assets
Over time you have most likely acquired new assets or have assets that increased in value–and may now have the means to increase how much you plan to leave your loved ones or to charitable beneficiaries in your estate plan. There may also be new tax considerations that need to be addressed with your larger estate.
5. A change in tax law
Tax law changes are regularly considered by Congress–and the most recent legislation, theTax Cuts and Jobs Act, made significant changes. Your will may need to be revised to takebest advantage of the new regulations.
6. A change in your health
As people age and have a better idea of their final estate value, many add charitable beneficiaries that they may have been considering for a longtime.
7. A change in executors
Various events and circumstance can make people want to change the executor of their estate. Perhaps you named a certain family member as executor when you first drafted your will but now live in a different state from that person, making the task of executor more difficult. Or possibly your estate has increased in complexity and you would prefer a corporate fiduciary to serve as executor.
8. Travel plans
Many people making travel plans, especially overseas, are reminded of the importance of having their plans in order and are inspired to review their will and other estate documents.
EVERY WOMAN NEEDS A WILL
If you are like most American women, you have assets, you have loved ones, and you have causes that you care about. And that leads to an inescapable conclusion: You need a will. A will is the primary document that ensures that your wishes are fulfilled and that the wealth you have worked so hard to accumulate is distributed to the loved ones and charities that you have selected. While this is true for everyone, it is especially relevant for women.
- Your assets: Women now control more than half the wealth in the United States, and the percentage is expected to steadily rise over the nest several decades. In your will you will name an executor to collect, manage, and distribute your estate’s assets.
- Your loved ones: Women tend to be the primary custodians and caregivers of minor children and infirm parents and may choose to include extended family, friends, andother loved ones in their estate plans. In your will you can specifically decide who is to receive what.
- Your causes: More women than men five to charity, including through their estates.In your will you can specifically decide who is to receive what.
