Estate planning is important for both sexes, but the pitfalls of failing to plan simply affect women, particularly mothers, much more than men– both in terms of raw numbers (we live longer) and the all-too-common female burden of carrying the entire family’s mental workload.
As a group, the facts are: women live longer than men, earn less than them, and are more likely to spend their final years without a spouse or partner (so they're the ones stuck with the responsibility). As such, it’s so important for women to be vigilant and mindful about planning for their family’s future, as well as their own!
Some of the common issues we can assist our female clients with- especially moms- include:
How to start a conversation about estate planning — with your spouse or partner, with your parents & other family members, with friends & with your advisors
The importance of choosing caretakers for your kids- How to choose the right people AND make sure to legally document your choices
What to do to make sure your kids don’t get their entire inheritance at age 18 (& blow it all)
How to avoid a probate nightmare (& how it’s completely avoidable)
Super important issues to talk about with your parents as they get older
What are Caretaker Instructions & why do I need them? (Hint- you don't want your kids to be stuck foster care, even temporarily)
What to think about in terms of life insurance- what type, how much, do I need it?
How setting up an online password manager (or app) could save your family thousands of dollars
Your kids’ inheritance- should your estate plan be equal or fair?
How to make sure you have someone (& the proper documents) in place to make healthcare decisions for you (as well as financial decisions)
Who is going to take care of your pets if you die or become incapacitated… and how to make sure they’re loved and aren’t sent to a shelter!!!
Considerations to protect and insulate your kids if your extended family (or in-laws) have any history of conflict (besides the “everyday” conflicts, of course, which one can’t plan around! )
Unique estate planning considerations for blended families and family businesses
Special Needs Planning- What you need to know about planning for a child with a disability
The real, long-term impact of subsidizing adult children, including college costs
When/how often should you update your estate plan?
Of course, this list isn't exhaustive (though it is exhausting!)- but it should serve as a launching pad & can help get someone started on making a list of topics & priorities for their planning. Some other great references on the topic are linked in below.
For further reading, here are links to some awesome articles on women & estate planning:
I hope you enjoyed this- as always, please contact us if you have any comments, questions, or if you want to learn more about the estate planning process!
-by Tiffany Ballenger Floyd, Esq. (Nevada + California Estate Planning Attorney), © 2019, Phillips Ballenger, PLLC
Photo by Joel Muniz on Unsplash