Tuesday, May 13, 2014
Whether you are single, married, divorced, or widowed, it is essential to have an estate plan in place. This is especially true for women, who face distinct obstacles from men when it comes to planning. Because women are more likely to live longer and more likely to be custodial parents, they must approach estate planning differently. “Women spend all their time taking care of everybody else, they forget those flight-attendant instructions. You must put the mask over your own face first.”
Estate plans will vary depending on your situation. For a single mother, you must take into consideration who be your caretaker in the event you become incapacitated. Married women must designate a guardian for their children and planning for income replacement through life insurance. Widowed women must ensure their estate plan has been updated to reflect the husband’s death. Finally, divorced women should make sure beneficiary designations on retirement and other accounts are proper.
Start talking to your family about estate plans. “The keys to the kingdom are on the table” and women must take the first step by picking them up. Have a conversation that puts your estate planning into place.
See Andrea Coombes, How Women Can Make Estate Planning Easier, Market Watch, May 8, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.