Grand Rapids Estate Planning Lawyer- Why a Woman Needs to Plan for Her Future

Grand Rapids Estate Planning Lawyer’s Advice for Women

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A good Grand Rapids estate planning lawyer will help you take a lot of things into consideration when putting together your estate plan. Various factors influence your estate planning after all: finances, children, age…But what about your gender? Is estate planning for women different than it is for men?

Actually, there are some important extra things for women to keep in mind when estate planning.

A Spouse’s Will Is Not Enough

Grand Rapids estate planning attorneys see again and again where a married couple believes that only one of them—usually a husband—needs to have a will. This can cause a lot of problems in the long run, however.

  •  Your family may not know your wishes, even if you think they do.
  • In times of grief, people aren’t always at their best and could resort to fighting over the estate.
  • If your spouse remarries, the new wife (and her children) could legally inherit your things.

These are just some of the scenarios estate planning attorneys see playing out when one partner is relying on the other’s will.

Women Need Powers of Attorney

Various types of powers of attorney are an important part of an estate plan, and this can be especially true for women. The average woman’s lifespan is longer than a man’s, which means that she may be on her own near the end of her life. With no spouse to make medical and financial decisions should she become incapacitated, it’s even more important to make sure appropriate appointees have been legally declared.

Updates are Needed When Marriage Status Changes

When one spouse has passed away, it is always a good idea to review the surviving spouse’s estate plan. There are likely some changes that need to be made based on changes in income and other living circumstances. A knowledgeable estate planning attorney in Grand Rapids will be able to help redefine the goals you and your spouse set in order to ensure you stay on track.

It’s also very important to meet with an estate planning lawyer after a divorce. The details of the divorce can strongly impact your financial future, and the attorney will work to make sure you know and have access to what is rightfully yours. Additionally, if you already have a will, you will want to change it to avoid the possibility of your ex being entitled to your estate or assets.  For more information on estate planning following a divorce, read our prior blog post on that topic.

A Trust May Be a Good Choice

A mother wants to provide for her child in every way possible, and while trusts are something that are often associated with wealthy people, they are a great tool for just about anyone with heirs. Talk with an estate planning attorney about why and how to go about creating a trust to help fund your children or grandchildren’s future should you not be around to help them.

There are plenty of other considerations that apply specifically to estate planning for women, and the best way to get all the information you need is to get together with a qualified, experienced attorney in Grand Rapids.

If you would like to speak with a professional Grand Rapids estate planning lawyer, please contact Eyestone Law Offices at 800.667.5291 to schedule a free initial consultation today! We provide services throughout West Michigan and have three offices conveniently located in downtown Grandville and Muskegon, and another in Grand Rapids near Woodland Mall.