Estate Planning for Women, why it is so important
Article adapted by Robert J Green, Esquire
Estate planning is a very important tool for everyone, but it’s often neglected for women. As more and more women become independent and build their own wealth, the need for estate planning has quietly risen in turn. Here’s 3 reasons why estate planning is so important for women today!
Women Live Longer
On average, women tend to live nearly five years longer than men, which also means that they’ll need care in their older age, for both health and wealth. Making sure that finances and healthcare decisions are clear can make those years be enjoyed, not spent under stress.
Women Are More Involved in Their Communities
Women tend to be very involved in the lives of those they care for, whether they’re family, friends, or charitable groups, and estate planning can guarantee that they remain supported even when health concerns make direct support difficult. Portions of your wealth can be given to anyone through your estate, and that can be used to make a wonderful difference!
Women Are Building Generational Wealth
As women gain more financial independence and freedom throughout the years, the need to protect what they’ve earned for their loved ones is essential. Ensuring that money or property goes to the right people, like children and siblings, is important, but equally important is making sure it’s not given to the wrong people! Former spouses and estranged family may still be listed on things like life insurance and retirement savings accounts, where the ones who actually earned their wealth may not want them.
Disclaimer: This article is not legal advice. Please consult with a lawyer for accurate advice for your individual needs.