By Christian Dekker, CFP®
Whether you’re changing careers, going through a divorce, or navigating any other kind of transition, it’s a good idea to review your estate planning documents. This is especially important for independent women.
Married couples often have default arrangements where each spouse grants the other power of attorney if they become incapacitated. Similarly, if one spouse dies, their assets pass to the survivor.
If you’re an independent woman, you don’t have this kind of default option. The process of estate planning involves making deliberate choices about asset distribution, powers of attorney, and beneficiary designations. I put together a few tips to keep in mind.
Update Estate Planning Documents to Reflect Your Wishes
Each time you review your estate plan, look closely at the following estate planning documents to see whether they accurately reflect your wishes:
- Your will
- Any trust documents
- Financial power of attorney
- Healthcare power of attorney
It’s also wise to assess your financial situation to determine whether you need to add any documents to your estate plan. For example, if you want to avoid the process of probate, shield your assets from creditors, or otherwise take care of your heirs, it may be worth creating a trust.
Update All Beneficiary Designations
You should regularly update the beneficiary designations on your insurance policies, retirement accounts, and annuities so they remain accurate and reflect your wishes. If you update beneficiaries in your will but forget to change the beneficiary designation on the account, the designation on the account would likely take precedence.
Review How Certain Assets Are Titled
If you’ve recently been through a divorce, you may have jointly held assets like cars, real estate, or investment accounts with your ex-spouse. Once the division of property phase of the process is complete, you should review any property you have and decide whether to keep or sell it.
Don’t Overlook the Power of Strategic Gifting
Are you concerned about the impact of estate taxes after your death? If so, strategic gifting may need to be part of the estate planning process. Estate taxes can be significant, and if you’re like most people, you probably want to leave as much as possible to your heirs.
You can reduce the value of your taxable estate by making gifts up to the annual exclusion limit (for 2025, the limit is $19,000). As long as a gift doesn’t exceed the annual exclusion limit, it won’t count toward the lifetime gift and estate tax exemption of $13.99 million.
Organize Your Accounts and Passwords
You likely named an executor after you began the estate planning process. However, if your executor can’t access all of your financial accounts, it might be difficult or impossible for them to do their job.
An easy way to simplify the process for your executor is to compile a list of all your account numbers and locations. If an account can be accessed online, consider providing the username and password. If there’s no way to access it online, include contact information for the account administrator.
Once you have created an up-to-date list of your financial accounts, give it to your executor or store it in a place your executor can easily access. Because many people periodically change the passwords for their online accounts, it’s a good idea to frequently review this list for accuracy and update it as needed.
Need Help With Estate Planning?
Estate planning can be complex, but you don’t have to craft your estate plan alone. At Thrive Wealth Management, LLC, we understand that your estate plan should grow alongside you. Whether you’re creating an estate plan for the first time or updating an existing one, we’re ready to help. If you have questions or you’re ready to get started with estate planning, don’t hesitate to contact us.
To schedule a meeting, call (215) 376-5530 or email christian@thrivewealth.com.
About Christian
Christian Dekker, CFP®, is a Relationship Manager at Thrive Wealth Management, LLC, a boutique financial planning firm in Blue Bell, Pennsylvania, where he provides comprehensive financial planning and supports clients in meeting their long-term goals. As a fiduciary, Christian delivers personalized advice, keeping clients disciplined and accountable to their financial plans, especially through emotional moments. One of the most fulfilling parts of his job is helping clients reach major milestones, whether it’s retiring, purchasing a vacation home, or taking a dream family trip. He finds it rewarding to help clients realize dreams they once thought impossible.
Before joining Thrive, Christian began his career at MassMutual, assisting individuals and families with their financial goals and creating tailored plans. He earned his BBA in Financial Planning & Services from Temple University’s Fox School of Business and obtained his CERTIFIED FINANCIAL PLANNER® designation in 2022. Outside of work, Christian lives in Philadelphia with his girlfriend and three dogs. He enjoys running, playing baseball with his brother, watching movies, and cheering on the Philadelphia Eagles, following in the footsteps of his grandfather, an Eagles Hall of Fame member. To learn more about Christian, connect with him on LinkedIn.
This material is provided for informational and educational purposes only, should not be viewed as an exhaustive discussion of the topics presented, and should not be construed as individualized advice for any reader’s personal circumstances. For guidance on how these matters may impact your estate plan or tax circumstances, please contact your Thrive Wealth Management, LLC representative. While the information presented is believed to be factual and up to date, Thrive Wealth Management, LLC does not guarantee its accuracy and, due to various factors, including but not limited to changing laws and regulations, this information is subject to change. All expressions of opinion reflect the judgment of the authors as of the date of publication. Thrive Wealth Management, LLC is not a law firm or an accounting firm, and no content contained herein should be construed as legal or accounting advice. Please consult with the qualified professional(s) of your choosing for legal and accounting advice.
Please visit https://thrivewealth.com/disclosure for additional information regarding the professional designations and credentials discussed. Professional designations and credentials do not guarantee success or any particular investment or financial outcome.
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