Estate planning is about more than distributing assets after death. Whatever stage of life you are in, you need an estate plan that reflects your life, as a recent article, “7 estate planning questions every woman should ask herself,” from News 24 notes.
For couples, estate planning needs to be a shared process. Both partners need Wills, Financial and Healthcare Powers of Attorney and Living Wills. They also need to know where these documents are located, who is named as a beneficiary on accounts with beneficiary designations and what assets and liabilities make up the family’s overall financial picture.
Single people need to enlist trusted friends or family members to know where key documents are located. Creating and maintaining a dedicated file containing essential information and documents is essential.
For parents of young children, planning for the worst-case scenario may be unpleasant. However, it's necessary. A Will names a guardian to raise their child(ren). Life insurance and/or trusts are used to ensure that assets are available for their children’s living costs. Children need ongoing resources for education, healthcare and daily living expenses. Asking someone to be a guardian should be paired with planning for their financial support.
Naming a guardian and planning for children’s financial support is just the start. Parents also need to consider how assets will be managed until children are ready to manage their own funds.
Minors may not legally inherit funds directly. An estate plan may include a testamentary trust, which can protect assets and provide ongoing support to the children as the parents determine. Trustees are appointed to manage funds for the children as per the trust documents. They manage the money, while the guardian cares for the child. It’s good to have two people involved who can work together.
An estate may contain assets but lack available cash to cover expenses such as executor fees, taxes and everyday living costs. Without planning for sufficient liquidity, you may have to sell assets at lower prices to cover costs.
Statistically, men die earlier than women, who need to be prepared for the estate planning aspects of their lives during their later years. This is an uncomfortable conversation. However, just as planning for a child’s guardianship will make the child’s life easier, planning for each spouse’s death will make it easier for the surviving spouse.
There is no one universal solution for an estate plan. However, an estate plan should reflect each person’s life, the people you want to protect and what you want to achieve when assets are distributed. Speak with an estate planning attorney sooner, not later, to ensure you have a plan.
Reference: News 24 (Aug. 24, 2026) “7 estate planning questions every woman should ask herself”
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