While the struggle for respect and gender equality in the workplace is an ongoing issue for most women, the final say on most things family related is largely unequivocal.
So, why do women from all walks of life tend to shy away from the most critical decision of all… ‘Estate Planning’?
When an unexpected event strikes a family whether that be death or incapacity, having no plan in place can be devastating.
This alone should make women more concerned and motivated to be way more active in their own and their family estate planning futures.
So here are five compelling reasons why I would recommend women plan ahead:
A Unique Perspective
Women do it all when it comes to keeping an eye on the finances, paying the bills, ensuring the household is ticking over, and just being there as gatekeepers, counsellors or good listeners. They are more than likely to be at the sharp end when deciding to be guardians for minors. So estate planning is a natural extension of these types of activities. It carries many components, many moving parts, that can often be overlooked when it comes to the crunch in family matters or when a death occurs in the family. In other words women have a unique view of some of the key details that many men don’t.
United, But Not Dependent
In today’s ever-changing world, the unpredictable needs to be considered. As part of a couple or family dynamic, what would happen if there was a split or a spouse became incapacitated? What happens, then? For one, you cannot predict the future; secondly, you don’t want to depend entirely on a spouse’s plan that has not been shared with you. You may need to consider an incapacity planning component and other estate planning tools that address property and financial assets from a woman’s perspective.
Empowered And Equal
Women are more empowered than ever before. More crave autonomy in their lives; there are more women entrepreneurs in the business sphere; they are equal income partners in a relationship – and more than likely to have amassed assets in their own right before any decisions around partnerships. With these varied backgrounds and complexities, estate planning can and often will provide peace of mind about how those assets are protected, spent and distributed in the future. Rather than putting off estate planning – or considering you don’t have enough assets to warrant one – getting a plan that includes the viewpoint of a woman is now not only crucial but extremely relevant.
Considering An Age Old Question
Longer life expectancy and statistics show that a woman is more than likely going to survive their spouse. This places women in a position where they will oversee family assets and wealth in later life. Rather than put off estate planning, the balance of probability proves that women should either be more engaged on the topic or at least begin their estate planning for the long term. By starting early, an estate plan can be reviewed frequently, usually every three to five years, to perfectly reflect personal circumstances at the time.
Long Term Care Facts
As the population lives longer, statistics tell us that 2 out of 3 people will need some form of long term care after the age of 65. And many people in long-term care end up spending down all of their life savings before leaning on Medicaid to cover the high costs of their care. As I’ve just shared statistically, a woman is likely to outlive their partner, so it’s essential to understand losing your life savings can be avoided in the majority of cases if you plan in advance. The bottom line is women often will be the ones left behind in later years so they need to ensure that any care expenses do not exhaust the family savings.
Need help with your estate planning? Call Duxbury and Newbury, MA estate planning and elder law attorneys Law Mom, LLC today at (781) 277-4488 to schedule your free consultation.
Samantha "Sam" Allen
I opened Law Mom® because I know firsthand how crucial wealth and guardianship planning is for families. In 2019 after the birth of my first son, I almost lost my life. And I didn’t have a plan in place to protect him if the worst happened. Thankfully I was given a second chance, and now I’m passionate about helping families like yours provide a secure future for their children and the next generation.