Florida women advised to customize estate planning
The rules and regulations governing wills and trusts do not differentiate between male and female. Nevertheless, the customizable nature of estate planning mandates that each individual take a unique approach to their own plan. Given the differences between men and women, it is important for each sex to recognize that certain things that worked for a man’s plan may be different for a woman.
For example, women tend to live longer than men. As a result, a significantly larger percentage of women over 65 are widowed than men over 65. Therefore, Florida women need to be proactive with estate planning to ensure they have sufficient funds to take care of themselves in the event their husband predeceases them.
Making sure a spouse’s plan includes necessary protections, though, is just one possible component of a comprehensive estate plan. Women are also encouraged to set out documents to manage their health and welfare should they become unable to care for themselves in the later years of their life. In addition, women may also need to consider revisions to a will or trust to account for a deceased spouse or a second marriage.
Too often, these items are set aside until it is too late. Women need to know that they have the power to control their own estate plan and need to seize that control. The strategies available to them will not only help manage tax implications and other expenses, but will ensure the things more important than money are taken care of.
Local Lee estate planning attorneys have helped men and women, husbands and wives, mothers and fathers and others from all walks of life iron out an estate plan that suits them. The peace of mind of knowing your wishes will be carried out allows individuals to be confident in all their financial and personal decisions going forward.
Source: Market Watch, “How women can make estate planning easier,” Andrea Coombs, May 8, 2014