Death doesn’t discriminate – it comes to everyone. However, on average, men die earlier than women. Women live longer than men, though their earnings might not be that much compared to men.
Whatever the case, women have special needs when it comes to estate planning.
As a lady, when is the last time you sat down and thought about what might happen when you pass away? Do you have a plan in mind or you are waiting for your husband to come up with one? Have you talked about estate planning with your spouse, or is it a taboo?
Women are busy, usually the task of taking care of the family is placed upon them, and estate planning might not be a subject that crosses their minds each day.
However, just the way you go for a medical check after every few months, you also need to make sure that your estate is in order. Here are reasons why it is vital that you make estate planning a priority.
Why You Need to Think About Estate Planning Today
On Average, Women Live Longer than Men
Studies show that women outlive their male counterparts by 4.9 years. This means that you need to have your assets serve you longer than men do. This means you will most likely inherit your husband’s estate, and you will have a word in the final administration of the estate.
To this end, you need the services of an expert estate planning attorney to help in the disposition of the estate.
Compared to Men, Women Earn Less
Studies show that working women earn an estimated 20 percent less than what men earn. Additionally, due to family responsibilities, women end up working fewer years compared to their male counterparts. Due to this, it is vital that you get the right retirement planning advice from a qualified legal mind.
Most Women End up with Full Custody
It is a well-known fact that courts always award mothers full custody of children. This means that at one time you might find yourself in full control of what your children eat, do or what schools they attend.
This is why as a woman you need to plan for the continued care of these kids if something happens to you. You have to decide who ends up with the mandate of administering your estate when you are gone. This is true especially when you have young kids that need a trustee to handle the property till they are older.
Women Run Businesses
The business world is sees more than 40 percent of business people being ladies, with the number expected to rise. As a business owner, you need to protect your estate and come up with a plan regarding succession of the business.
Running businesses has made a lot of women wealthy, reason why they need to get the right advice on charitable giving, sound investment ideas and planning their taxes.
For you to make estate planning work for you, you need to understand a few crucial facets of the process.
Know Your Estate
Before you start making your estate plan, you need to understand what assets you own. The assets might include real estate, bank accounts, shares and more. Try to understand how the assets are managed and the distribution pattern you want for the assets upon your unfortunate demise.
Before you come up with a plan, you need to understand who manages your assets at the moment and whether you still want them to handle them after your death.
Know what Documents You need
The estate planning process doesn’t involve just one document as many ladies think. You need to have the following:
- A will – this is a legally binding document that tells the estate administrator what you have and how they should be distributed upon your demise.
- A living will/advance directive – this tells the administrator or your family what happens during your end-of-life care.
- Power of Attorney (POA) – appoints a person to handle your decisions on your behalf when you are not in a position to make decisions.
Advanced estate planning can also include trusts.
Once you get the documents set up, the next step is to make sure you change the titles according to the plan. It might entail changing the names on various properties to reflect your beneficiaries.
Conclusion
Whether you are a married woman with a family or a single lady, you need to plan ahead. Make sure you work with expert estate planning lawyers to protect your assets when you pass away.
