Estate Planning and Wealth Management for Women – Preserving Your Legacy

Estate planning is a critical piece of financial planning for women.

While we know that women excel at long term planning, making decisions about the end of life isn’t a conversation that anyone is eager to have. The temptation to save that planning for another day in the distant future can be strong, but as experienced financial advisors, we know that the best time to preserve the future of your estate is right now.

Women often put off building their estate plans because of a myriad of factors–inherent costs, making difficult decisions about guardianship for children, and a belief that they have plenty of time to figure it all out when they are older.

But a solid plan for the future of your estate will ensure that your wishes are carried out, that your money and assets go exactly where you wish them to go, and that your loved ones are spared financial and logistical stress on top of grief.

Here are some important aspects of estate planning that Pachira Wealth Management can guide you through, ensuring financial confidence and clarity for the security of your family. When we help create your comprehensive financial plan, we help you find answers to the following questions: 

• Do you have an estate attorney? (We can recommend one!)
• Do you have a will?
• Do you have a designated healthcare proxy and power of attorney?
• Have you legally outlined guardianship for your children?
• Are all of your listed beneficiaries up to date and correct? Many people don’t know that beneficiaries supersede what is outlined in a will, and if you have old 401ks or insurance policies with former employers with outdated beneficiaries, that will create a problem.
• Do you have a beneficiary on your bank accounts, so loved ones can access a “pay on death” benefit quickly to pay for immediate expenses? This five minute errand at your bank can save your loved ones a year of your assets being tied up in probate.
• Do you have life insurance? We can advise you on how much to get, and help you apply. The general rule is that the younger you are the less expensive it is to obtain. Life insurance goes tax free to your beneficiaries, and trumps a will.
• Do you have long term care insurance?
• Do you have the right kind of trust in place?
• Do you have specific philanthropic wishes you want carried out with your money?
• Have your estate plans been appropriately updated? Jobs, partners, and assets all change throughout our lives. Your estate plan needs to evolve with you and reflect your current circumstances and wishes.

We are here to help you get organized before you meet with your estate attorney, serving as one strong branch of what we like to call your “Board of Directors”. Together with your estate attorney and tax professional, we work to preserve your future.

We are also pleased to offer our clients a “Digital Vault”, where all of your important financial and estate documents are securely stored and updated. This organized system spares you and your family the headache of searching for the proper documentation needed to carry out your wishes.

Estate planning is not the most fun conversation we can have together about your money, but it is likely the most important. Give yourself and your loved ones the gift of financial well-being with a solid, clear estate plan to ensure the kind of lasting legacy we all want to leave behind.