Reason #3 to Make an Estate Plan

Reason #3 to Make an Estate Plan…

  Tom, Your son-in-law.

He hasn’t had a job for 12 years and he thinks it is great his in-laws “have money”.

Is he going to get half of what you leave to your DAUGHTER?

Think you don’t need to plan?

Below are the minimum estate planning steps that you should take at each stage of your life.

1. Young & Broke: Most young people think that they do not have any assets, so they do not consider wills or estate planning. This is a mistake when you consider that accidents are the leading cause of death for young adults. Taking this into account, anyone 18 or older should have a health care proxy to give an individual the power to make medical decisions, and a living will, to express how she would like an end-of-life decision to be handled.

2. Single and Employed: Similar to those in the young and broke category, many feel they have do not much to pass on. It is still important to have all of the documents listed above. Also, designating beneficiaries for your 401k becomes important in this stage. And drawing up a basic will is still a good idea.

3. In a Relationship: Since relationships do not provide the same legal protections as marriage does, recording your wishes in a will is necessary to get around the state’s default laws. It is also important to pay close attention to how things are titled. For example, if you are purchasing a house with your partner, it makes a difference whether you own it as tenants in common or joint tenants with a right of survivorship. It is best to consult a lawyer on these matters.

4. Newlyweds: The integral protections of a marriage often lulls married couples into postponing estate planning, but that could have negative results. Your state’s default laws may not match your wishes, so it is best to have a will.

5. On the Mommy Track: The first thing you should do is name a guardian for your child in the event something happens to you. Second you should get life insurance to cover your child’s future expenses. Finally, it is important to consider that not all states give all of your assets to your surviving spouse.

6. Heading for a Divorce: The most important estate planning move you should make is to be sure to revise your will and beneficiaries as soon as you decide to separate from your spouse.

7. Getting Remarried: In this situation, it is important to discuss estate plans with your future spouse before you get married. Consider what should be done if one of you has children from a previous relationship.

8. Recently Widowed: This group of people may be able to take advantage of the portability election. This is also another stage of life where it is important to revise your will, beneficiaries and your living trust.


Why you should have an estate plan.


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April Caldwell, MBA is a registered representative for Transamerica Financial Advisors, Inc. It is her belief that every single woman is capable of standing on her own two financial feet. Women face tremendous challenges as they move through life’s transitions, from childhood to adult, from college to career, from single to married, to widowhood or divorce, and into the retirement years. And women are concerned about the financial well-being of their families as well as themselves, making sure that those they love are sheltered within their own financial success. Her mission is to empower women to succeed and prosper. For a complimentary consultation email her at


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