Grounded in Experience. Motivated to Help

Women may have special concerns in estate planning

On Behalf of | Sep 6, 2017 | Estate Planning |

Ohio women may have special factors to consider as part of the estate planning process. Because they live longer and on average have earned less income over their lifetimes, there are unique considerations in planning their wills and other related estate concerns.

Many people do not think frequently about estate planning. For people with modest estates, there is often little reason to consider the distribution of assets after death, and for people of all means, there are many other factors seeking attention on a daily basis. However, getting an estate plan settled can be important not only for peoples own peace of mind but for the future of their loved ones.

On average, women live almost five years longer than men, which means that they must also consider that their assets should be able to last for a longer period in comparison to the men in their lives, including the potential for widowhood. In addition, many women’s working lives were shortened due to time as a stay-at-home parent, which can reduce the amount of retirement savings available.

An organized estate plan can be important for both women and men, and the first step can include getting a better understanding of personal finances and the assets a person has. Furthermore, ensuring protection of these assets can be important. Life insurance and other policies can be an important part of these types of protections. It can also be important to have basic estate planning documents in place, like a will, a living will or advance directive and a durable health care power of attorney. People regardless of gender can benefit from working with an estate planning lawyer to address these important concerns about end-of-life issues.