Although estate planning is a good idea for just about everyone in the Lee County area, and anywhere else, there are some people who should be working on it even more than others. Of course, estate planning is not gender-specific, but there are some reasons that women should consider getting their ducks in a row, so to speak, even more so than men.
Although men and women from all walks and stages of life should consider their estate plan very carefully, there are some different challenges in life that women are more likely to face than men as they pertain to estate planning. Women typically live longer than men and they are also more likely to be the custodial parent of a child. The problems for women occur when they forget to take care of themselves, including preparing their estate plan.
According to statistics, more than a third of women who are 65 or older in the United States are widows. Many of these women never take the time to think about what might happen should their husband die. Although each person’s life situation is unique, which means estate plans will vary, it’s important for women to prepare for what is to come after a loved one dies.
Talking about death is not necessarily easy, but by not taking the necessary steps to prepare for the inevitable, things can be much more difficult after a loved one dies. If a person fails to plan ahead of time, then he or she could leave his or her spouse in a bad position. Speaking with an experienced estate-planning lawyer is also a very good idea for anyone preparing an estate plan.
Source: MarketWatch, “How women can make estate planning easier,” Andrea Coombes, May 8, 2014.