Estate planning is important for everyone, but it’s especially crucial for women to consider. Too many women are left picking up the pieces after their spouse passes away, and they may suddenly have to make many decisions about how they’ll support themselves and manage the assets they receive in probate and elsewhere.
Women must pay attention to estate planning because, according to research from the Center for Disease Control National Vital Statistics Report, American women live an average of 4.8 years longer than American men. These estate planning documents are usually the ones that determine what happens to family assets, but the longer lifespan of most American women also means that they may face a period at the end of their lives when they are unable to make their own decisions or handle their finances due to incapacitation resulting from a medical condition.
Whether single or married, women need to think about how they’ll protect themselves, document their important medical decisions, and ensure they have a plan in place for their estate if something happens to them.
Financial and legal planning must be in place for women and for married couples. It should include an analysis for both spouses of possible issues that may occur if one passes away before the other or if one needs to tap into shared assets to pay for medical concerns.
While many married people align their estate planning documents together, it is important to think about how one spouse may have separate needs or needs for a longer period than the other. Working with a dedicated estate planning attorney in Pasadena, CA is the best way to protect your interests in these situations.
