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Estate Planning Considerations for Women

Women face certain challenges in estate planning which do not always present themselves until after a spouse has died or when a divorce occurs.

Statistically, women live longer than men, Therefore, it is important for them to have a full and complete understanding of the couple’s estate plan and finances. There will be a greater chance they will need assets to last for a longer period of time than for their husbands, in addition to planning for incapacity.

Overcoming Traditional Financial Roles Through Estate Planning

One spouse often takes care of finances. This leaves the other spouse with no knowledge of how assets are managed or how to access accounts. Upon the death of the first spouse, the surviving spouse is left to identify accounts, untangle how payments are made, etc. Addressing this information gap, so both spouses are familiar with all assets and liabilities, leads to better estate planning and avoids additional stress after the first spouse dies.

Women in second marriages may be more at risk for financial hardship, if the estate plan has not been updated since their spouse’s prior marriage. If beneficiaries on a will, insurance policy, or retirement accounts have not been updated, the prior spouse could end up inheriting the lion’s share of the current spouse’s estate. All estate planning and financial documents should be updated.

The task of raising children or caring for elderly parents continues to fall on women more than men. This results in lower lifetime earnings, which leads to smaller Social Security benefits. Married women who expect to claim their spouse’s Social Security benefits should educate themselves about survivor benefit claims. If a woman has been divorced after a marriage lasting at least ten years and has not remarried, she may claim benefits based on her ex-spouse, regardless of whether her ex has remarried.

Planning for Life is Part of Your Estate Plan

After devoting decades to raising children and caring for elderly parents, women are apt to brush off concerns about aging. Single, divorced, or widowed women, with or without children, need to have an estate plan to protect them during their lifetime.

A general durable power of attorney is needed to name an agent (also known as an attorney in fact) to act, if a single woman is unable to manage her financial affairs because of illness or injury. Similarly, an advance health care directive, which includes a durable power of attorney for healthcare decisions, names a trusted person to make healthcare decisions in the event of incapacity. Married couples also need these documents. However, they are even more critical for a single woman, so family or friends may step in if and when they are needed.

Last Will and Testament

The last will and testament is used to distribute assets, including real estate, financial accounts and personal possessions. It is also used to name an executor, the person who will be in charge of managing the estate: gathering assets, paying creditors, filing with the probate court, filing final personal income tax returns, paying estate taxes (state and federal), and at the appropriate time, distributing assets as per the directions in the last will. Make sure that the person you wish to serve as your executor is able to carry out these tasks. A spouse, adult child, niece, nephew, or trusted friend may serve as your executor.

Estate Planning for Women at Any Age or Stage

Whether a business owner, homemaker, stay-at-home mom or dedicated caregiver, women need estate planning to protect themselves, their loved ones and their futures. An estate plan is one of many ways to accomplish this.