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When There’s a Will There’s a Way, But There’s More to Successful Estate Planning
If you don’t have a will, you have plenty of company—about 55 percent of adults in the U.S., according to one survey. But that doesn’t mean it’s a good idea.
Regardless of Age, a Will Makes Sense
A will may be the last thing on the mind of women of any age—especially young women without dependents. But truth is it’s a good idea at any stage, especially as we move through life’s milestones—marriage, motherhood, building assets, moving into later life.
A will is essential for those with dependents, if for no other purpose than to make wishes known for guardianship of minor children left without living parents. Beyond that, a rule of thumb is that if you have any assets you want to go to particular people, you have an estate—and you need a will.
So be a will-ful woman! Having a will is the only way of ensuring that you determine who receives your property and how they receive it. A will makes you the decision maker. Without a will, you’re making an estate plan “by default”—a plan that will leave it up to your state of residence to determine how your property passes.
One Size Does Not Fit All
 Today, the market presents many options for drafting wills. We’re frequently told that we don’t need an attorney, and presented with a variety of forms that are available online, in books, and from other sources. This can lead us to believe that a will is a simple, fill-in-the blank process.
But is it? If you can’t afford legal counsel, a will based on a template is better than nothing. However, a “cookie-cutter” will might raise questions of validity in your state or other issues. It also might not include everything necessary to address all aspects of a complex estate. Getting counsel from an attorney specialized in estate planning is the only way to maximize your confidence that your will is sufficient to carry out your wishes.
Keep Your Will Current
Especially if you’re relatively young when you draft your first will, you’ll almost certainly need to change it occasionally. Various life events, such as births, marriages, divorces, deaths, and others, may affect your wishes for the distribution of your property. When your wishes change, your will needs to change too.
In the midst of the busyness and emotion that come along with such events, it’s easy to forget or put off dealing with the many associated details. But don’t forget to update your will—it’s one detail that you can’t afford to miss.
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Money Management Resources
 With the busy lifestyles many women lead, maintaining good money management habits can sometimes get lost in the shuffle. But it’s important to allocate appropriate time to ensure that you are moving ahead toward your goals.
\Sometimes managing money can seem overwhelming: a family budget to balance; retirement and investment portfolios to monitor; college funds and other major expenditures to plan for. How can a busy woman get her head around all this, let alone keep everything under control?
And what about big decisions that involve enough “what if” scenarios to set the heads spinning of even the Suze Ormans of the world? Should I refinance my home? How much should I save each month toward the children’s education, or how do I know if there’s enough in my retirement nest egg?
Fortunately, today’s technology provides resources, from online banking tools to general and specialized financial Web sites, that can help you easily organize financial data and get the big picture.
Online Financial Calculators
Maybe you’re looking for insight into issues like whether your retirement plan is on track, or how much your monthly principle and interest payment would be for a home of a given price. Free, specialized calculators are available online that can help you crunch the numbers quickly. For some examples, check out the York Traditions Bank financial calculators here.
Online Investment Portfolios
Want to test some investment ideas without actually risking any money? It’s your chance to shop, shop, shop without dropping a dime. Check out financial sites that have portfolio-tracking functions, like Yahoo! Finance or The Motley Fool. You can plug in and monitor stocks, mutual funds, and other hypothetical investments. “Buy” a little Disney, Apple, McDonald’s, Jones of New York, Pier 1—the choice is yours!
You can even use historical data to look at where a portfolio would stand if you had bought a given mix of investments years ago. But remember—past performance is not necessarily indicative of future results.
Online Banking Services
Many women just use online banking to check their balance from time to time. But you can do so much more—like transferring funds among accounts or paying bills. The York Traditions Bank suite of online services allows you to monitor a variety of accounts, including checking, savings, loans, and some investment products.
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