Why Estate Planning is Imperative for Women Caretakers
Women assume the role of the caretaker in households all over the world, whether they are caring for their spouse, child(ren), or aging parent(s). As primary caretakers, many women experience emotional and financial burdens. Having a good estate plan in place is imperative for women to ensure their loved ones will be appropriately cared for in the event of disability or death.
Women As Caretakers of Children
Many women are the primary caretaker for their minor children. Even if they have a spouse who can care for their children after their passing, it’s important that they have estate planning documents like a will, health care proxy, living will, and/or trust in place to make sure that the children are cared for. During the process, it’s important to consider who you will inherit your assets to ensure your child(ren) continues receiving the financial care they need. Similarly, if your spouse is unable to assume full responsibility for your child(ren), you should state your wishes as to who will assume guardianship of your child(ren). Various trusts can be created to ensure the child(ren) receives the money with special restrictions or guidelines you may want.
Women As Caretakers of Elderly Family
Often women are caretakers of an elderly family member such as their parent, aunt, uncle, or sibling. In most cases, women will take over the family member’s finances without having their own estate planning documents in place. It is important for caretakers to have an estate plan in place not only for themselves but also for the family member to continue being cared for by someone else in the event of the caretaker’s death. Contact our experienced estate planning lawyers who can help you create a legal plan that will help provide continued care for your elderly relatives in a comfortable, judgment-free environment.
Being Compensated As a Caregiver
If you are a caregiver for an elderly relative, it’s also important to help them with their estate planning for several reasons, including making sure you are compensated for the care you provide. There are a few different ways you can discuss this with your relative to make sure you are compensated.
You can be left an additional amount of money either through their will or trust.
If they do not have the finances to compensate you, they can leave you their house through an outright transfer, a life estate, or through joint ownership.
If the relative has a life insurance policy, the caretaker could be named the beneficiary.
Whether you are a caretaker concerned with managing someone’s estate or working on your own estate plan, Meier Law Firm is here to help. Seek legal advice from our qualified estate planning lawyers today!