Planning and preparing for the future is a difficult task many put off. Some Illinois and Indiana residents mistakenly believe that estate planning is a process that is meant for the wealthy. Instead, the reality is that various aspects of estate planning can benefit individuals of all walks of life. With that being said, there has been a trend amongst those seeking education about estate planning and wealth management, that being an increase in participation by women.
These women, who vary in age groups from millennials to those about to retire, are seeking guidance as to how to handle estate planning and wealth management in the event of a loved one's death, as on average women outlive men or divorce. These women include wives, mothers and daughters. Amongst some of the tips they are learning is to obtain a list of advisors with whom their loved one has been working with. This may include bankers, insurance agents and financial advisors. By having an emergency contact list, these individuals can then quickly access estate information when needed.
There are other things these women are learning by attending classes and seminars. For example, knowing where important estate planning documents are kept can be critical in ensuring that originals are quickly located and discrepancies don't arise. Also, if a family business is part of the equation, individuals need to be prepared with a plan for how the business will be handled when the owner passes away.
Of course, these are just a few of the many important aspects of estate planning. Women and men alike need to know how best to protect their estates so that their beneficiaries and heirs can maintain the financial security provided to them by an estate. As mentioned above, even those with few assets can benefit from estate planning. If you would like to learn more about the various ways in which assets can be distributed upon your passing, please consider discussing the matter with an estate planning attorney.