Why Estate Planning is Important for Women

Despite your age, gender, or wealth, estate planning is vital for everyone. That being said, estate planning may be more important for women than it is for men.

1. Women tend to live longer than men

Recent statistics show that, on average, a woman will outlive her husband by seven years. Additionally, the average groom is 2.3 years older than his bride. That means women need their assets to last longer than men do. It also means that wives are probably going to outlive their husbands, so they will likely inherit their husbands’ estates, and they will probably have the last word about the final disposition of assets going to the couple’s heirs.

2. Women tend to earn less during their lives than men

Full-time working women earned only 81.2 cents for each dollar a man earns, according to the latest statistics. Also, women work fewer years than men in order to care for home and family, further reducing their ability to save. Simply put, women earn less money over their lifetimes than men. Because women must plan to make fewer dollars last longer, it’s important for them to get sound retirement planning advice.

3. Most custodial parents are women

Approximately 84% of custodial parents are women. Women who are parents of young children need to plan for the continued care of those children if something unforeseen should happen. They also need to determine who will handle the children’s property until they are older.

4. Women are business owners

Women own more than 8.6 million businesses in the US, generating revenue of $1.3 trillion each year. Women who are business owners need to protect their assets and plan for the succession of their businesses.

5. Women are professionals

Women make up 57.5% of professional occupations. Women in professions with high litigation risks like medicine, law, and real estate, can benefit from asset protection planning.

6. Women are wealthy

Women control $14 trillion in assets and three-fourths of the financial wealth in the United States. It’s important for women to get sound investment, charitable giving, and tax planning advice. Estate planning is the only way through which a woman can ensure that this wealth is distributed according to her wishes upon her death.

They say men are from Mars and women are from Venus, but is this true when it comes to estate planning? Absolutely. Women should make special considerations when planning their estate. Most importantly, due to a woman’s longer life span, she will need to plan for a longer retirement and more prolonged medical needs. Speak with Elizabeth at Westby Law about a customized estate plan for your needs.