Oftentimes when I sit down with a new client, she already has a will or a trust. She signed it years ago, often alongside a spouse, and it went into a drawer. Then life changed. A divorce. The loss of a spouse. The plan in that drawer was written for a household that no longer exists.
Life changed, but the paperwork didn't. This can happen, but the good news is you aren't alone. I help women when a season of life goes differently than they anticipated.
Why This Matters for Women Especially
Nearly 40% of people divorcing today are 50 or older, up from 8% in 1990 (NCFMR). Many of the women I work with are suddenly making decisions on their own that they used to share. You are absolutely capable of making them. You also deserve someone in your corner who will look at the whole picture with you and help you become financially independent, including by helping you understand your finances.
Here's where I'd start.
1. The Documents
Your will, health care directive, and power of attorney decide who speaks for you and who receives what. Ask yourself: do they still name the people I'd choose today? If your life has changed since you signed them, they deserve a fresh look.
2. What's Titled to the Trust
If an attorney has created a trust for you, you need to make sure the trust is funded. I always ask, "Okay, well, what's titled to the trust?" More often than you'd think, the answer is nothing. Everyone signed, and the accounts never moved. It's one of the easiest steps to miss, and one of the simplest to fix.
3. The Family Conversation
This one is so important. Unfortunately, I have seen it happen, not often, but it happens: an estate plan that was never discussed, and family members surprised by what they did or didn't receive. It can cause a lot of issues, and that kind of hurt lasts. That's why I think a family meeting is key. Bring people together, parents and children or whoever the heirs are, so everyone is on the same page and understands what you want to happen. That way, there are no surprises.
How I Help
I work alongside your attorney so the plan on paper matches your real-life accounts. Then we revisit it as laws change and as your family goes through different seasons of life. It's the kind of thing I talk about with clients every day. Our work goes far beyond estate documents, but it's one of the first things you should review when your circumstances change.
Where to Begin
You don't have to fix everything at once. I’m here to help you review the documents, the titling, and the conversation. These conversations are just so much easier if you sit down with someone who knows what they are looking at. You'll walk away from our initial meeting with a helpful game plan and an ongoing resource for questions.
If this sounds like someone you love, send this to her. And if you're an attorney or counselor working with a client in transition, I'm always glad to be a resource.
One of the primary things we do at Financial House is help families, especially women among my clients, reach financial clarity and organization. I want you to feel more confident about where you are in your journey to and through retirement. Our team covers six areas that create comprehensive financial plans.
Investments
Insurance
Tax planning
Estate planning
Giving and legacy
Income and cash flow
With clarity in these six areas, you can feel much more confident heading into retirement. If you're wondering how you are doing, our team put together a self-assessment that helps you identify the areas where you need to find answers to key questions. You can take a look at it here.
s to key questions. You can take a look at it here.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.