Women United, a United Way of Central Alabama (UWCA) donor network, recently hosted a lunch & learn featuring two leading authorities on financial and estate planning. Jennifer McEwen from Maynard Nexsen and Jennifer Wilson from Regions focused on empowering and educating women to take control of essential financial and estate planning matters. People often overlook these topics, but they have a lasting impact on families and loved ones.
Following are three important takeaways.
1. Dying Without a Will Leaves Your Family (and Your Wishes) at Risk
In Alabama, if you die without a will, the State — not you — decides how your property is divided. This “default plan” may not reflect your actual wishes and can lead to costly, time-consuming court proceedings for your loved ones.
The process becomes particularly complicated if you have minor children. Under Alabama law, for example, if you’re married and have children under the age of 19 and die without a will, your spouse receives the first $50,000 of your estate plus half the remainder. The other half is split among your children. That may not align with your preferences; and it can create significant financial and legal complications (not to mention issues within the family).
As McEwen explained, “These conversations can feel uncomfortable, but creating even a basic will is far better than having none at all. Taking time to plan ahead is one of the most thoughtful gifts you can give your family.”
2. Healthcare Directives: Your Voice When You Can’t Speak for Yourself
A healthcare directive makes your wishes known if a medical emergency leaves you unable to communicate. It outlines your preferences for treatment and end-of-life care, relieving your family from making these decisions without clear guidance.
This document is essential for all adults over 19, not just those with health concerns. Life can change quickly, and having a healthcare directive offers clarity and peace of mind for you and your loved ones.
3. Power of Attorney: Empowering Someone You Trust
A power of attorney (POA) allows you to designate someone you trust to manage your financial, legal or medical affairs if you become incapacitated. Without this document in place, your family may need to go through an expensive and time-consuming court process to gain authority to act on your behalf.
With a POA in place, your trusted agent can immediately handle important tasks, such as paying bills, managing investments or making health care decisions, without unnecessary delays or legal complications. Wilson recommended setting this up as soon as you turn 19, while you have full decision-making power. It’s a crucial step in preparing for life’s unpredictable moments.
Preparation Today = Peace of Mind Tomorrow
Estate planning may not be an easy topic but delaying it will not make the need go away. By creating a will, establishing healthcare directives and setting up a power of attorney, you give your loved ones the invaluable gift of clear guidance and peace of mind.
Women United encourages every woman to take this important step.
Learn more about Women United, the group’s role in our community and membership here.