It is quick to ignore that earning money is just half of the fight for financial stability in a nation obsessed with wealth-building. Protecting our hard-earned financial stability with a well-designed estate plan is equally critical. The importance of preparation is paramount for females, since when loved ones become injured or die, women more often have to cope. Feel free to visit their website at Oren Ross & Associates for more details.
A recent Penn State University study showed that wives were three times more likely to have to deal with the sickness or disability of a mate. The research also found that few husbands had written the sort of documentation for estate planning that would have relieved the pressures of their spouses.
For example, in the case of an emergency, a Living Will and a Health Care Power of Attorney give wives the legal clout to intervene on behalf of their husbands.
Wives must undergo the living probate process, also known as a guardianship proceeding, without these devices, in which a husband can be declared unfit, and a probate judge determines who may be responsible for his personal care and financial affairs. Although this status is frequently given to the partner, there are no assurances that she will prevail. Judges have considerable control over whom they may nominate, and the judge may deem that the role may be best suited to an outsider or competent guardian.
U.S. according to Widows over the age of 65 outnumber widowers by five to one in the Census Bureau. And they are also forced into poverty as women lose their husbands. But if you believe impovershed widowhood is merely the experience of the aged, think differently. Just 56 is the normal age at which a woman becomes a widow. Estate planning can’t do much to relieve a loved one’s loss. But it will help ensure that the remaining partner is safe financially.
His estate is managed by a probate court when a husband dies without a plan. Death probate is an expensive time-consuming and public procedure that can add months or even years, to the mental burden of a widow.
Ask any married people who wish their worldly goods to be inherited, and they will generally claim that their partner should earn the lion’s share. Sadly, most jurisdictions use a rigid formula for dividing the properties of the dead. In certain nations, half is received by the remaining partner, with children receiving an equal proportion. The outcome could be that financially independent grown children could obtain assets that their parents require most.