A Single Woman's Guide to Estate Planning

Divorced? Unmarried? Kids or no kids? Your marital or "mom" status doesn't determine whether or not you need an estate plan. If you have a sizable investment portfolio, retirement savings, a home or other assets, being single may actually increase the need for estate planning – particularly if you want a say in who gets what.

If you die without a will, your estate is handled according to state law. An unmarried person's assets will likely go to the next of kin (such as a parent or sibling), potentially leaving other loved ones or a favorite charity with nothing. Take charge with these first steps:

Ask yourself the big questions: Who should inherit my money, property and/or personal items? Who should be guardian for my child(ren)?
Put your will in writing. Consider attending a workshop for writing your own will or hire an attorney to draft the will and other appropriate estate planning documents.
Talk about tax planning. Unlike assets left to a spouse or charity (which are generally tax-free), an inheritance to a non-spouse heir, above certain limits, may be subject to state and/or federal estate tax. Your tax advisor can help you minimize exposure to tax.

Leave a Legacy
Think about the time you spend shopping for gifts, or the hours you've clocked volunteering. Why not spend a fraction of your time planning what happens to your resources after you're gone? To schedule a confidential appointment, contact an Investment Services Representative at Wings Financial Advisors at
(800) 692-2274, ext. 8076.

You Go Girl!

Many of us hope to live to 100, but let's face it – life can change in a second. Take control by using the appropriate estate-planning tools to carry out your wishes. The following are examples for illustration only.

A single mom creates a trust for a minor child, ensuring that the child – not an ex-spouse – can access the money when he or she reaches a certain age. She may also name the child as beneficiary on retirement plan accounts and insurance policies. (Note that these designations supersede a will.)

An adoring aunt would rather pay for her nephew's college education than her sister-in-law's shopping spree. A trust fund can be set up for the specific purpose of paying for the nephew's education.

A sensible sister trusts one sibling more than another to act in her financial best interests. A durable power of attorney allows her to delegate legal authority over her affairs to a trusted person if she's physically or mentally unable to make decisions.

A best friend happens to be more suitable than a distant relative to make end-of-life and/or health care decisions. Naming this person as a health care proxy in a living will makes these wishes known.

A charity chum wants to support her favorite charitable organization by including it in her will. She may also consider a charitable trust to take advantage of potential tax savings.

A pet protector can name a person (in her will) to inherit her pet, or set up a trust that names a caregiver and designates funds for the pet's expenses.

Investment products:

Not federally insured.
Not a deposit of this financial institution.
May lose value.

Representatives are registered through, securities are sold and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Non-deposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CBSI is a registered broker/dealer in all 50 states of the United States of America.

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eMoneyMatters is published by the Marketing Department at Wings Financial Federal Credit Union for its members. It is designed to help maintain communication with members and provide reliable and helpful information that will contribute to each member's overall financial well-being. eMoneyMatters is published at Wings Financial Federal Credit Union, 14985 Glazier Avenue, Apple Valley, MN 55124, (952) 997-8000. While consistent effort is made to ensure the integrity of information contained in this publication, material should not be considered legal, financial or professional advice. The publishers do not assume liability for loss or damage as a result of reliance on this data. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock, ©SnapVillage. Copyright ©2009 Wings Financial Federal Credit Union. All rights reserved.