Norton Basu partners Zakiya Norton & Somita Basu share the expertise they have on the subject. They also offer sound advice to women on how to protect their assets and fulfill their end-of-life wishes.
It is important for all people to create a succession plan that honors life achievements and benefits loved ones. This can be especially crucial for women. It is often the woman in the family that cares most about the protection of her children, assets, and sentimental items. Women are dedicated to their family’s protection and care. They value the benefits of an estate planning that preserves their legacy and maintains close family relationships.
A Woman’s Perspective
We are co-founders and partners of Norton Basu, LLP. This is a minority-owned estate planning, probate, and law firm. We have advised hundreds of women in matters related to law and finance. We have learned many things from listening to women’s needs and wants. The most important is that every woman is like a snowflake. Her heritage, culture, education, and experience have all contributed to her current position. They also strongly influence her plans to live beyond her death. She will leave her wealth to her loved ones, favourite charities, and beloved pets.
A Woman’s World
A woman’s perspective regarding estate planning can be different in many ways. She may be a mother, daughter, grandmother, businesswoman, or wife and play many roles in her life when it comes to her estate.
Estate planning is vital for women for many reasons. She may be a single mom, primary breadwinner, caretaker for her grandparents or parents, or she might be a widow or newlywed at different times in her life. She may be called upon to take on different roles that impact her dependents at different times in her life. Women may need to make sure they have a plan or update an existing one.
A woman’s perspective regarding estate planning can be quite unique in many ways.
Why an Estate Plan is Important (For Everyone):
It would be a good idea for nearly everyone to make a revocable living estate and will. These are the top three reasons.
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To avoid probate
Probate can be a time-consuming, expensive and difficult public process. Probate is a stressful, time-consuming and expensive public process that can cause stress to your loved ones.
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To determine who will be in charge of your assets and who will inherit them
You can decide how you want your estate managed and what happens after your death with a revocable trust.
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To enjoy benefits during your lifetime
While it is comforting to know your estate plan will be in place if your death occurs, the fact that your trustee can access your financial accounts should you become incapacitated may be even better.
Why an Estate Plan is Important (Especially for Women):
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To organise multiple inheritances
Many women inherit twice during their lives – usually from their parents, and another if their spouse dies first. They are often the primary caregiver for older relatives, spouses, and sometimes adult children. They may never truly be empty.
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To protect your kids
All parents want the best for their child, but a mother might be more concerned about protecting her children. A guardianship document that appoints a friend or family member to care for her children is better than asking a court.
Also, financial protection is of paramount importance. A mother can rest assured that her children will be able to spend their money responsibly with the help of her trustee.
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To avoid conflicts in blended families
Many people agree that it is difficult to be a stepparent. This is especially true when you consider the end-of-life issues. Women live longer than men. A widow might be left with unhappy stepchildren if her husband dies. They would ordinarily have the wealth of their father, but they will inherit the assets from their stepmother.
The children may have formed a bond with the stepmother if they were young and the stepmother was there to support them. If the marriage occurred in adulthood, however, it is possible that a relationship like this does not exist. This can make it more difficult as the stepchildren might not feel the need to cooperate.
A blended family can create a web of financial, legal and personal complexity. Making the right estate plan can make it easier for a woman to have a successful life.
Women of Colour
Recent headlines indicate that women of color are less likely to have created a trust or a will than their white counterparts. This could be due to the belief that estate planning is for the super-rich. Minority women who want to inspire their children to greater success and achievement must pass on generational wealth.
Tips for Women of Color
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An estate does not need to be expensive. However, it is important if you’re wealthy. )
Although many people picture mansions up the hill with swimming pools and yachting trips, the term estate simply means everything you own. This includes but isn’t limited to investment and banking accounts, retirement funds, your home, and the house in which you live. A comprehensive estate plan is necessary if your total holdings exceed the probate limit of your state.
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Planning is key to avoiding poverty
It is a selfless act to create a trust or will. Your inheritors will enjoy the main benefits. It is especially important for women of color; wealth passing properly will provide greater opportunities for those who succeeds you.
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Choose an attorney who understands you
Research and find attorneys that will understand your family history, culture, and personal goals. It is important to find a lawyer who understands your needs and can help you meet your goals.
Minority women who want to inspire their children to greater success and achievement must pass on the wealth of their generation.
Get involved now
Keep track of your assets, such as bank, investment, and retirement accounts. To ensure that you have adequate coverage in the event of your spouse’s death, check on your life insurance coverage. It might be a good idea to have life insurance proceeds for your final expenses and to pay estate taxes.
It is important for all women to take control of their finances and ensure the financial security of your family. Your husband or partner may live longer than you, so it is important to prepare for the future.
Maya Angelou said “Women must be strong, tender, and laugh as much as they can – and live long and happy lives.” After you have prepared for death, take some time to celebrate and congratulate yourself. Then, live your life to its fullest.
Zakiya Norton, Founding Partner
Somita Bazu, Founding Partner
15951 Los Gatos Blvd Suite 1, Los Gatos, CA 95032, USA
Tel: +1 408-850-7250
ZakiyaJ Norton is an innovative thinker with a keen insight, precision and humor. She can provide top-notch, practical advice that everyone can understand. She is known for her ability to understand the family history and personal intents that inform every estate plan. Her friendly, straightforward style makes it easy for people to get compassionate advice and clear legal strategies.
Somita basu is a skilled and talented lawyer, financial, and mathematician who pays close attention to details. Her tactical approaches allow her to determine the best way to accomplish any goal. Always objective and analytical, she is a skilled strategist. Somita is a skilled advisor on complex issues with diligence and grace.
Norton Basu LLP , a minority-owned law office that focuses on probate and estate planning, is . Norton Basu LLP promotes the use of revocable trusts to safeguard families from the cost and delays of California probate.