Although it is typically couples who choose to establish their estate plans together; women are often the ones leading the discussion about guardianship of children while men are more concerned about financial planning. It is imperative however for women to be involved in every aspect of estate planning—even the financial aspects. Estate planning is a subject which has a significant impact on women—in fact, if statistics about life expectancy are any indication, estate planning may actually affect women even more than men. According to recent studies of Americans 65 and older, 42% of women (but only 14% of men) are widowed. This longer life expectancy, combined with the tendency for women to marry older spouses, and their (generally) lower lifetime earnings means women are far more likely to see their living standards compromised in retirement without proper planning.
Protecting Minor Children
Women often take on caregiving responsibilities for children, elderly parents, and other family members. If you have minor children, it’s important to include provisions in your estate plan that will protect their interests. This may include appointing a guardian to care for your children in the event of your death, as well as setting up a trust to manage any assets that you leave to your children.
Planning for Long-term Care
Women tend to live longer than men, which means that they may need to plan for long-term care in their later years. This may include setting up a living trust to manage your assets if you become incapacitated, as well as purchasing long-term care insurance to help cover the cost of care.
Consider Charitable Giving
Many women are passionate about supporting charitable causes, and estate planning provides an opportunity to leave a lasting legacy through charitable giving. There are a variety of charitable giving strategies that can be incorporated into your estate plan, including setting up a charitable trust, making a bequest in your will, or naming a charity as a beneficiary of a retirement account. It is important to regularly review and update the beneficiary designations on any retirement accounts, life insurance policies, and other assets that pass outside of probate. This will ensure that your assets are distributed according to your wishes and that your loved ones are provided for.
Greater Likelihood of Being Single
Women are more likely than men to be single at some point in their lives, whether due to divorce, widowhood, or never marrying. This means that women may not have a spouse to rely on for financial support, making it even more important to have a comprehensive estate plan in place.
Contact a Los Angeles Estate Planning Lawyer
Estate planning is an important aspect of financial planning for women. By taking the time to carefully consider your options and create a comprehensive estate plan, you can ensure that your wishes are carried out and that your loved ones are provided for. An experienced attorney from LA Elder Law is happy to speak with you about your unique situation and advise you on the options that are best for you and your loved one. You can contact us directly by calling 310-823-3943 to schedule a free consultation about your unique needs. We look forward to working with you.