Estate Planning Can Be Different for Women
While both men and women are encouraged to have an estate plan in place, the two often have distinctly different needs. Much of this is due to life expectancy, but there are several other factors, such as limited work history, that may impact a woman’s financial portfolio or estate. Learn more about the unique estate planning needs of women, and discover how an experienced wills and trusts lawyer can help with your estate planning needs.
Why Women’s Estate Planning Needs Are Unique
Although women of today are the primary breadwinners about as often as men are, things were not always this way. Instead, women of the past usually stayed home and cared for their children, once they were born, and those that did work may not have received fair pay or benefits. Most also experienced a disruption in their work history during their childbearing years, which may have reduced their nest egg (if they even managed to save for one).
If the woman also happened to have a spouse with a poorly planned estate, the wife may not have received all that she was entitled to upon his death. All of this, when combined, can severely impact a woman’s financial situation while she is living. It can also negatively impact her heirs upon her passing. As such, women are encouraged to be extra diligent in their estate planning efforts – especially if their spouse has already passed away.
Protecting Your Financial Future
Regardless of whether you are married, widowed, or have always been single, it is important that you protect your financial future. Start by examining your current assets (including any that may have belonged to your spouse), and then make sure each is covered by an insurance policy. It is also advised that you obtain (or maintain) a life insurance policy to cover any final expenses, burial costs, estate taxes, and other death-related costs.
Drafting an Estate Plan That Suits Your Needs
At its core, an estate plan is essentially a statement. It explains how you would like your financial accounts and assets handled upon death. You can also include details regarding your burial or final wishes. It is also recommended that you name a durable power of attorney in your estate plan, which would ensure that someone can make decisions on your behalf (medical, financial, or both), should you ever become incapacitated. A living trust, which states your wishes about end-of-life care (i.e. respirator, medical resuscitation, etc.) is also advised.
Backed by more than 30 years of legal experience, Louis J. Willett, Attorney at Law, can work with you to develop a comprehensive estate plan that suits your needs. Dedicated and experienced, we protect the interests of you and your heirs, every step of the way. Get started by scheduling a free and personalized consultation with our Fremont wills and trusts lawyer. Call 510-791-2244 today.