Estate planning allows individuals to take control of their financial future and protect their assets and loved ones. Women have unique needs and concerns that make estate planning even more crucial. So, in celebration of International Women’s Month, here are four reasons women should care about estate planning.
Women are Caretakers
When it comes to minor children, women are more often the primary custodial parent. Because of this, women should have an estate plan to ensure their children are cared for by the guardian of their choice in the unfortunate event of death or incapacity. Additionally, an estate plan can provide for other dependents, such as elderly parents or disabled family members, and ensure their continued care and support.
Women are More Charitable
Behavioral research has shown that women are more charitable than their male counterparts, and often contribute a significant portion of their wealth to charitable causes. An estate plan can help women continue their philanthropic efforts after death by establishing a charitable trust or foundation.
Women Have an Entrepreneurial Spirit
In addition to providing business continuity and protection from a lengthy and costly probate proceeding, a personal estate plan can help business owners ensure their interests descend according to their wishes. Businesses don’t die, but their owners do.
Women Often Outlive Men
According to CDC figures, the average life expectancy for women in the United States is approximately 81 years, compared to roughly 76 years for men. This means that women are more likely to be the surviving spouse in a heterosexual relationship, leaving them responsible for managing the couple’s assets and financial affairs. However, if the couple has an estate plan, it can help ensure a smooth transition of their assets to the living spouse.
Whether single, married, widowed or divorced, don’t let estate planning become a source of anxiety. Instead, embrace it as an opportunity to take control of your financial future and ensure your legacy for generations to come.