Creating a succession plan which honours lifetime achievements and benefits loved ones is imperative for everyone but can be particularly crucial for women. Oftentimes, it is the woman of the family who feels strongly about protecting the children, the assets and the sentimental items which she holds so dear. Women devote themselves to the care and protection of their family, so they value the benefits of an estate plan which preserves their legacy and ensures that close relationships among family members endure. A Woman’s View As co-founders of Norton Basu, LLP, a minority woman-owned estate planning and probate law firm, we have counselled hundreds of women on matters related to law, finance and estate planning. Listening to their needs and desires has taught us many things, and primary among them is that each woman’s profile is like a snowflake. Her culture, history, ethnicity, education and experience all bring her to the point at which she is today and strongly inform her intentions to live beyond death by bequeathing her wealth to precious loved ones, preferred charitable organisations and cherished pets. A Woman’s World In many ways, a woman’s perspective on estate planning may be unique. As a daughter, mother, grandmother, businesswoman or wife, she may play various roles during her lifetime as it relates to the estates of herself, her parents, her partner and her progeny. There are many reasons why estate planning is of vital importance for a woman. At different stages of life, she may be a single mother and primary breadwinner, the caretaker of her parents or grandparents, a newlywed, a widow, or a divorcee. Each of these life stages may thrust her into different roles and responsibilities which affect her and her dependents alike. Putting the proper plan in place, or updating a current plan, may be especially urgent for women. Reasons to Create an Estate Plan (For Everyone): Nearly everyone would be well advised to create a revocable living trust and will. Here are the top three reasons: 1. To avoid probate Probate is a costly, time-consuming and arduous public process. Saddling your The Essentials of Estate Planning for Women EXPERT INSIGHT 55 Estate planning provides a vital benefit to anyone who engages with it, but is often particularly important for women, who often find themselves in the role of primary caregiver in their families. Norton Basu partners Zakiya Norton and Somita Basu share their expertise on the subject in this article, along with sound advice for women on ensuring that their assets and end-of-life wishes are protected. Expert Insight
RkJQdWJsaXNoZXIy Mjk3Mzkz