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Home State Bank Emphasizes Estate Planning For Women

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It’s vitally important for everyone to have a plan for their estate, but in the absence of a well-crafted plan, women can be affected more often and more directly than men.  According to www.forbes.com, women live longer than men, on average, and tend to marry older spouses; this makes women three times more likely as men to be widowed at age 65.  An estate plan, as part of an overall retirement plan, is a key necessity for women of all ages, no matter the dollar amount of the estate.  Your estate is everything you own when you pass away, including your home, personal property, investments, bank accounts, retirement plans, life insurance, and business interests.

A key aspect of estate planning is appointing someone you trust to act on your behalf in financial and legal matters in case you can't (even temporarily) do so, because of illness or disability. Forbes.com states that you designate this person in a durable power of attorney. This is separate from a living will, which expresses your preferences about end-of-life care, and a health care proxy (or health care power of attorney), which authorizes someone to make medical decisions for you.  If you don't have a will or living trust indicating who should receive your estate, state law determines it for you.

It can be difficult to decide who should be the administrator of your estate.  “Home State Bank can act as an independent executor and/or trustee, which offers many benefits to the individual and their beneficiaries,” said Mark Weber of Home State Bank.  “All parties involved are treated fairly; there is no bias towards anyone, and emotions are kept out of the process.  A trust avoids probate, determines guardianship (if necessary), preserves dignity, and limits additional expenses in the distribution of the estate.” 

Investment products and services are: Not FDIC Insured, May Lose Value, Not Bank Guaranteed

For more information, please contact:

Mark Weber, Vice President of Trust and Asset Management Group

Voted “Best Financial Advisor in 2014”

Home State Bank, N.A.

(815) 788-3404          

www.homestateonline.com

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