You could argue that one of the most common estate planning myths is that you can do it later, that you'll always have time to get around to it. People do think this way, but most people technically do know -- even if they still haven't done their estate planning -- that they can't predict when they'll need it. Life is fragile.
It's important for everyone to know all that they can about estate planning. That means men, women, married couples, single people and anyone else. Far too many people enter old age without an estate plan or pass away without even a will.
Financial experts note that one of the main mistakes people make with their estate planning is simply that they let the plan become outdated. This often means that they do not update it through major life changes, like starting a business or starting retirement.
It is important for both men and women to do their estate planning. However, that does not mean that the process is exactly the same for both genders. Women often face some unique challenges that may not impact men -- or, at least, may not impact them as often.
Your spouse files for divorce. As the process moves forward, you start adjusting your estate plan. You want to cut your spouse -- soon to be your ex -- out of it entirely. Can you do that?
If you do not have children -- maybe you just don't have them yet, or maybe you don't plan to have them at all -- it is still important to write a will and do your estate planning. However, this becomes especially important if you do have kids. It raises the stakes.
People often spend a lot of time trying to figure out how to put the family home into their estate plan. Do they just leave it to the kids in equal amounts? Do they sell the house and leave the money to the children? Do they ask the children which kids want it and which ones do not?
Like many people, you have put off estate planning for years. You've finally decided to settle down and do it, but now you're not sure where to start. It all feels so overwhelming, especially as you deal with retirement and other such events.
It's no secret that divorce has an impact on estate planning. When your marriage ends, you need to make sure your estate plan does not still leave assets to your ex. You need to update your life insurance beneficiary designation. You need to consider who will make end-of-life care decisions for you. And these are just a few examples.
What type of end-of-life care do you really want? Now, everyone hopes that they will pass away peacefully, without complications, but that rarely happens. Planning for the medical care that you want at this time should be part of your estate planning as a whole.