Why Do Women Need an Estate Plan?

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Women often have different needs than men.

At the most basic level, their very biology and physiology are different.

Women and men are not the same.

It is part of God’s grand design for human beings.

Women and men often have personal, cultural, and social differences.

For example, women often feel they need greater vigilance for their safety and are likelier to outlive a spouse.

According to a recent Money Control article titled “How women can make a solid estate plan,” women often benefit from addressing specific issues in their estate planning.

Women can have unique estate planning needs.
Estate planning is one way women can be empowered to protect their futures.

Whether married or single, men and women should know their financial situations.

When it comes to estate planning, a basic understanding of what you have, who your loved ones are, and your goals is essential.

Although women are statistically likely to outlive men of comparable age, women should not neglect to create a last will.

Without a last will, the government will designate who inherits any assets subject to probate, who settles the estate, and who rears orphaned minor children.

Whether mothers are single, married, divorced, or widowed, estate planning is essential to protecting the well-being of their minor children.

A last will is used to designate guardians for minor children.

If you choose for your minor children to inherit, you should also designate someone to manage their financial affairs until they reach adulthood.

For married women, it is good to coordinate your estate planning wishes with those of your spouse.

This allows you to protect and care for each other and any heirs.

Those without children should still have a last will to direct assets to friends, confidants, family members, staff members, or charitable organizations.

General Durable Power of Attorney. 

Women should have a general durable power of attorney, whether married or single.

Unlike a last will, the durable power of attorney directs who can legally manage your financial affairs should you become incapacitated.

Without this document, loved ones will be forced to seek authority from the courts.

Revocable Living Trust. 

Traditionally, men were the primary wage earners in their families.

Today, single and married women often have successful and lucrative careers.

Sometimes, a revocable living trust (RLT) may be a better option for addressing family dynamics or personal goals.

By placing assets in a RLT, women can access the funds for their benefit, designate beneficiaries, and provide detailed instructions.

In addition, any assets titled in a RLT or that designate a RLT as the beneficiary will escape probate upon incapacity or death.

All women can benefit from strategic and thoughtful estate planning with an experienced estate planning attorney.

Reference: Money Control (March 28, 2023) “How women can make a solid estate plan”

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