Getting ready for your own death is not something that a lot of people like to do. Even though everybody in the Lee County area, and anywhere else, should plan for their eventual passing, it can often be an uncomfortable subject to talk about. Estate planning is also important for both men and women, but there are some differences for women and they should be aware of them.
Although planning for one’s financial future consists of the same ideas and strategies for both sexes, often the circumstances for women differ from men. It’s very common for women to outlive men. In fact, according to statistics more than a third of all women over the age of 65 are widowed. Many times women don’t think about what will happen after their husbands or even parents die before they do.
When women depend on their husbands for social security and retirement benefits, but don’t prepare for those sources of incoming coming to a stop, they can be left in a very difficult situation. Meantime, women often maintain custody of their children or even their own parents. It’s very important for women to consider where their income comes from and how much it will take to live if their spouse should die. Women should also take part in the planning process so they understand how things will work when that time comes.
Planning for life after a loved one dies is not necessarily easy, but it is very important. If you need help preparing your estate plan, then you should probably look for an experienced estate-planning attorney to assist you.
Source: Florida Today, “Estate planning differs for women,” Stephen J. Lacey, June 23, 2014.