Should women approach estate planning differently than men?
Married couples often approach the estate planning process together. After all, most married couples jointly own many different assets, such as homes and automobiles, so they have an interest in making sure that their estate plans match up. For most couples, the primary beneficiary of the estate is the other spouse. But, should women approach estate planning differently than men?
According to a recent article, this may be something for women in Florida to think about. The main reason? Statistically speaking, women tend to live longer than men. In fact, the recent article noted that, on average, women live almost five years longer than men.
This statistical difference in life expectancy means that women may need to think about how long their spouse’s assets will last in the event that they become widows. Would the husband’s death leave the widow facing the unexpected end of a revenue stream? Should the wife plan on how the proceeds of a life insurance policy may alter her own estate plan? These are all important considerations for women in Florida.
The issue of life expectancy, along with many other factors, may be among the issues that our readers never even contemplated before beginning the estate planning process. Getting the right information about what to consider when you begin estate planning is important if you want to make sure that you are making the right choices. The assets that are at stake in an estate plan can be vital resources that our readers need to ensure are available.
Source: Forbes, “It’s Different For Women In Estate Planning,” Larry Light, Aug. 25, 2017