Many women have financial fears and avoid estate planning until well in their 50’s – or 60’s and 70’s! In the United States, women statistically live longer than men and must plan to outlive their spouses. In the United States, the average life expectancy is 81 years and 1 month for women and 76 years and 2 months for men – which means women will most likely have to confront their financial fears eventually. Whether a woman is married or single, and a parent or childless, with a high-net-worth or of average means, women and wills is an important subject in securing your future.
According to an AARP survey, 2 out of 5 Americans over the age of 45 don’t have a will.
Wills are legal documents that can protect your spouse, your children, your home and your business – and yourself!
1. Don’t Die Intestate
If you die without a will, called intestate, and you do not plan for how your assets will be handled after your death, the state will: and it may be far different than what you wanted!
2. It’s Not Too Late
While it’s ideal for all young women to take charge of their finances and create an estate plan and will, it’s never too late to draft a legal will, provided you are in mental good health.
3. Life Changes Trigger Legal Changes
If you marry or divorce, become a parent, start a new job or launch a business – if you make any significant life or financial or work change – you should review and revise a will – or create one.
4. A Will Must Be Legally Executed
The validity of a will can be contested on different legal grounds, including fraud, misrepresentation or mental impairment. Each state has its own laws about what is required to make a legal will that the courts will recognize.
5. Your Will Should Be Safe And Accessible
If you create an online will, who will know it exists – and how to find it? A will doesn’t have to be expensive or complicated. And if you’re young, unmarried and have minimal assets, a basic online will might give you peace of mind. But if you want your wishes to be respected and followed, your will should be stored somewhere safe and accessible such as a home lockbox, safety deposit box or your attorney’s office.
In addition there are many formalities that must be physically executed for a will to be valid in Illinois. As such, we always suggest that you obtain guidance from a Lombard estate planning lawyer.
Creating a will with the advice of an experienced estate planning attorney will give you confidence and peace of mind. It’s important that your will is legally valid according to your state’s laws.
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Estate planning is preparing for the future. Contact Estate & Probate Legal Group in Lombard Illinois today at 1-630-800-0112.
