• 27
  • August
    2011

Women should be just as concerned about, and involved in, estate planning as men, considering that among Americans over age 65, 42 percent of women are widowed, but only 14 percent of men are. Unfortunately the fact is that it is mostly men who set up the family estate plan, and often do so (even if unintentionally) in a paternalistic way.

From the early 1970s to the present, women have made a lot of headway in what was once a man's world. The glass ceiling is cracking, today 14 women are CEO of Fortune 500 companies. However, estate planning experts contend that for all the progress women have made, they still lag behind males in estate planning.

Longevity of women compared to men shows women live longer, but at what price? Becoming a widow during retirement can jeopardize a woman's standard of living due to her overall lower lifetime earnings usually being lower than her mates - unless appropriate estate planning is done. This includes wills as it is usually the women who are widowed and have the final say concerning the distribution of the couple's assets.

Young couples with children are at risk of a state appointed guardian if they have not planned their estate. Florida estate planning attorneys suggest that parents of older children may wish to discuss their estate plan with those children. Not for approval, but to explain in advance why one sibling may get a larger share than another. For instance, one may have three children and another has none. A discussion now may eliminate heated discourse later. Adult children can gently question elderly parents about whether or not they have kept their estate planning up-to-date.

Estate planning is not a preference that defaults to either a man or a woman. Spouses together should seek the advice of a qualified estate planning attorney and make sure that you protect one another, your family and your assets.

Source: Forbes "Nice Girls Talk About Estate Planning" Aug. 9, 2011