On average, women tend to suffer the consequences that come with lack of estate planning – and reap the benefits of a good plan – more than men do. This is because, statistically speaking, women tend to live longer than men. Plus, the average married woman is younger than her husband. Taken together, these statistics mean that women are much more likely than men to be widowed.
As a recent Forbes article points out, even though estate planning is crucial to protect women’s finances and preserve their standard of living throughout their lives, all too often, women take a backseat to their husbands in this area.
If you’re a woman, you need to know what’s in your estate plan, and how it will affect you in the event you’re widowed. For instance, do you have a plan in place to protect yourself and your finances in the event of disability? What if you need long-term care – is there a plan in place to make sure it’s paid for, without sacrificing your nest egg? What about estate taxes – will your plan minimize your tax bill and help you pass on as much as possible to your children and grandchildren?
If you aren’t sure about the answers to these questions, or if you are currently without an estate plan, you should schedule an appointment with a qualified estate planning attorney, and make sure you’re protected.