Both men and women may find it uncomfortable to prepare for death, but it is necessary to ensure that your assets end up in the right hands. Women have a unique set of challenges when it comes to creating wills and dealing with other parts of estate planning. Statistics show that on average, women live 4.9 years longer than men. In addition to longer life expectancies, many women take time off work to raise a family and therefore have shorter work histories. As a result, they may have less saved up for retirement. In many cases, a woman will outlive their spouse and will need a solid estate plan in place to help her protect her estate when she passes.
Whether you are a man or woman, it is important to prioritize your estate planning and make sure you have a plan in place for when you pass away. Being aware of your financial assets and being involved in the management of your financial assets is extremely important to make sure your property is properly distributed when the time comes.
Estate planning allows you to decide who gets what at the time of your death. Everyone should have a will detailing how your assets should be distributed and an advance directive that details your end-of-life wishes and other issues regarding your medical care. You should also appoint a power of attorney to make medical decisions for you if you cannot do so yourself. Instead of a will, many people choose to implement a revocable living trust while they are alive to avoid probate.
In addition to filling out your estate planning documents, you should also make sure the name on your accounts and beneficiaries go along with your estate plan. Discuss your estate plan with an attorney to protect yourself and your family.
Source: Forbes, “It’s Different For Women In Estate Planning,” Amy Libertoski, Aug. 25, 2017