Estate Planning for Women

While our motto here at GQ Law is that everyone needs an Estate Plan. Today’s post is specifically for the ladies- estate planning for women.. No matter whether you’re single, married, divorced, or widowed, you need an Estate Plan. Although the tools used for estate planning are the same for women and men, there are some differences to consider.

Since women are likely to live longer than men, more likely to have custody of children, they tend to face some unique challenges. Additionally, women (generally speaking) psychologically approach the process differently than men.

Patricia Annino, author of “Women and Money: A Practical Guide to Estate Planning” said “Estate planning is different for women and men, but not because of anything technical. Its different because of the psychologically different way that women approach the process.”

A recent MarketWatch.com article points out that women often overlook what will happen to them if their husband, parents or other relative diea. According to the US Census Bureau 36% of women are widowed at 65years of age or older. Only 12% of men are within the same age range.

Things to consider include payouts and income that would cease at the end of a loved ones life such as certain pension payments and retirement benefits. Annino also encourages married women to attend meetings and be involved in the creation and updating of the family’s Estate Plan, even when their husbands usually handle money matters.

Some aspects of an Estate Plan are arguably even more important for women in certain life situations:

Single women: Who will take care of you, make medical and financial decisions in you behalf, etc. if an illness incapacitates you?

Women with Minor Children: Who will be the guardian of your children if something should happen to you,? How will they be cared for financially?

Widowed Women: Has your Estate Plan been updated to reflect your husband’s death and any necessary changes as a result of that?

All in all, we ALL need an Estate Plan. Let us help you update or set up yours. Call us today for your FREE consultation- 858-549-8600

Estate Planning for Women

Estate Planning for Women

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