Estate planning isn’t just about protecting your assets—it’s about protecting yourself and the people you care about. A thoughtful plan, rooted in values-based planning, can ensure that your beliefs about religion, medical care, and preferred treatments are respected if you cannot speak for yourself. For women navigating wealth management with a focus on empowering their families and values, working with a female financial planner who understands your unique priorities can make all the difference. Estate planning also eases the burden on those who must continue on without your input, while addressing critical issues like legal guardianship for minor children. Importantly, it’s a step you should take now—no matter where you are in life.
Planning for Care Ensures That You Decide What Will Happen
Having a plan in place to carry out your wishes if the unexpected happens—your minor children are left on their own, or you become incapacitated—is essential. Otherwise, a court will decide who cares for your children and how your own care is managed, leaving you without a voice in what happens to your assets.
So, how can you prepare? The first and most important step is to set up the essential documents that will ensure your plan can be legally enforced.
The essential documents are:
- A will that appoints a guardian for minor children
- A healthcare proxy that specifies your wishes and appoints someone to make healthcare decisions on your behalf
- A durable power of attorney that gives someone you elect the legal right to handle your finances and pay for your care
1. Creating a Will
A will is the most common estate planning instrument. While it is the only legal way to appoint a guardian for your minor children, a will can also be used for other purposes. It offers significant control over how your assets will be distributed and who your beneficiaries will be. However, wills are subject to probate, which can be lengthy, expensive, and public.
It’s almost always advisable to consult an attorney about creating a will, particularly if it names a guardian for your children. A specialized estate planning attorney can help ensure your wishes are clearly outlined, especially in cases where care needs are complex. Additionally, a trusted financial advisor can often recommend an attorney who shares your values-based approach to wealth management.
2. Determining Your Health Care Proxy
A health care proxy designates someone to make health care decisions on your behalf and outlines your care preferences. You can be as specific as you’d like, from treatment types to the circumstances under which you’d stop receiving care. Depending on your state, you may need a living will in addition to the proxy, collectively called an “advance directive.”
Some states provide combined forms online, while others may require consultation with a lawyer. Start by asking your doctor or a trusted financial planner for guidance on what is required in your state to ensure your health care preferences align with your broader estate plan.
3. Creating a Durable Power of Attorney
A durable power of attorney grants someone the authority to manage your financial matters if you become incapacitated. Unlike a regular power of attorney, this document remains valid during incapacity, empowering your designated person to pay bills, manage assets, and ensure your care is funded.
It’s crucial to work with a lawyer to draft this document and selecting someone you trust to act as your agent is equally important. Your values-based planning should guide this decision, ensuring your finances reflect your personal and social priorities.
The Takeaway
You’ve worked hard to build a life of meaning and purpose. To ensure your values and wishes are honored, estate planning is essential. Partnering with a female financial planner who understands wealth management for women can help you navigate these decisions with confidence. Having the basic legal instruments in place, and updating them as your circumstances evolve, is the cornerstone of an estate plan that protects what matters most to you.
Disclaimer: This article is provided for educational, general information, and illustration purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. We encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Martos Wealth Management, LLC, and all rights are reserved.
