May is Women’s Health Month. Women tend to be caretakers of others, and often put their own needs last, which can lead to health problems. It’s important to be proactive whenever possible, because it’s easier to maintain good health than it is to fix a problem once it arises.
That’s also true of women’s legal and financial health. Attorney Danielle Mayoras recently appeared on Fox 2 Morning to discuss women’s legal and financial issues and to offer a checklist to make sure that your legal and financial matters—and the legal planning and finances of your loved ones—are in good shape.
While the focus of the interview was on women, the fundamentals of strong financial health are the same for everyone. Here are some things to think about when it comes to your legal and financial health.
Know Your Assets and How They Are Titled
It’s common for one partner in a marriage to be more deeply involved in legal planning for the couple and financial management of their assets. While that arrangement works for many people, it’s still important for the spouse who doesn’t take the lead to understand some fundamentals.
In particular, Danielle recommends, everyone should know what their assets are and the value of their assets. What’s an asset? Property that has value, including bank accounts, life insurance, stocks and bonds, retirement accounts, real estate, life insurance, art and collectibles, and more.
In addition to knowing what you own and what it is worth, you should also know how each asset is titled. Is it owned in one partner’s sole name? Jointly by both partners? Is it held in a living trust? All of this will be very important in the event of one partner’s death, because how an asset is titled determines how it will pass to heirs or beneficiaries.
Certain types of assets, like life insurance policies and some retirement plans, have a designated beneficiary. That means the property doesn’t go through probate court and passes directly to the beneficiary. It’s important to know whether your assets (and your spouse’s) have an up-to-date beneficiary designation.
Store Your Assets—and Your Estate Plan—Somewhere Safe
Few things are more unsettling for a grieving family than being unable to find or access important documents after the death of a loved one. It’s important for every adult to have at least a basic estate plan containing a will and incapacity planning documents. But they don’t do any good if they can’t be located, or if they get destroyed.
Danielle Mayoras recommends keeping estate plans and a list of assets as well as other important documents in a fireproof safe or safe deposit box—with the important caveat that you should make sure the relevant people, like your trustee, personal representative, spouse or adult children, know where they are and have the means to access them.
Don’t Sign Anything Without Reading It
This one seems obvious, but it still happens. Sometimes a document is long and tedious. Sometimes it’s handed to us by someone we trust, so we don’t bother to read it. Sometimes we don’t want to look foolish for asking a question about something we think we understand. But when you put your signature on a document, you are affecting your rights and responsibilities. It’s important to read and understand the document first, asking questions if necessary, so you’ll know the impact and make the right decision..
Work with Professionals
No one knows everything, and it’s important to have a team of professionals you trust and who can explain those documents to you if needed. This team includes your estate planning attorney, your financial advisor, and your accountant. These professionals can help you feel confident that the documents you are signing have been reviewed and are in your best interest, and help you increase your own legal and financial literacy.
If you don’t know any legal or financial professionals, a good place to start is with recommendations from friends about professionals they have worked with and feel comfortable with. You want someone you feel comfortable asking questions, and whose answers you understand—not someone who talks down to you or leaves you more confused than when you came in.
Talk with Other Women
One of the best things about improving your own legal and financial health is the peace of mind and feeling of preparedness it gives you. You may not be able to control everything that happens in life, but you’ll be more ready to meet it when it does.
When you achieve that feeling, don’t stop—make sure the other women in your life are taking care of their financial health, too. Start conversations with your sisters, friends, mother, daughters. They may not know where to start, or even what to ask, but they’ll have someone—you—to help them get started.
Talk With Our Michigan Estate Planning Attorneys
To learn more about protecting your financial health this Women’s Health Month (or anytime), contact our law offices. The knowledgeable estate planning attorneys at Barron, Rosenberg, Mayoras & Mayoras work with women and men regarding estate planning, incapacity planning, and other issues affecting their financial health. Schedule a consultation today by calling (248) 213-9514 in Michigan or (941) 222-2199 in Florida to learn how we can assist you. You can also use our simple online contact form.