It’s not that there are different estate-planning tools for each sex. But women are likelier to live longer, they’re likelier to be custodial parents and, speaking generally, women often approach the topic differently than men.
Do you think estate planning for women is different than it is for men? Gender isn’t and shouldn’t be important when it comes to so much in life. However, it actually should be something you take into account when it comes to estate planning. Men and women are simply different and often have different legal folds to their life.
On that note, MarketWatch had a bit of advice for women worth sharing in a recent article titled “How women can make estate planning easier.” The challenges that end up arising for women can seem subtle or can be outright life-altering. Either way there are important aspects to account for whether planning as a married couple or as a single person.
First and foremost, women tend to live longer. Living longer means a longer retirement and more medical bills to cover, which can actually mean a retirement crisis when incomes are wrapped up with a partner or a partner’s social security benefits.
Statistically, women also have a tendency to have custody over or offer care to their children or their own elderly parents. When it’s all said and done, wives and husbands may even think differently about the future and the end-game, but the wife may eventually live out the plan.
There is no reason to resort to comparisons of Mars to Venus, but there are enough differences between men and women that we have to respect them and account for them in our planning. There is also no one solution as married women will have different needs than single ones and past or future marriages can change it all over again. It is simply important for women to plan and plan well. Fortunately, there is much advice to be gleaned on the topic, and the assistance of experienced estate planning legal counsel is essential.
Reference: MarketWatch (May 8, 2014) “How women can make estate planning easier