Let’s see some facts, before continuing our discussion*.

• Women live 5 to 7 years longer than men.
• Women earn, on average, 74 percent of their male counterparts.
• Women opt out of contribution pension plans and deferred savings plans, if married, because of the need for current income.
• Women have, on average, smaller pensions and social security benefits due to career interruptions for child birth and elder parent care.

For example, in the wake of a spouse’s death or divorce, the wife is usually left in a much more insecure and uncertain financial situation than their husband would be. As a result, we can say women need to be more careful when it comes to estate planning to ensure their as well as their children’s future.

There won’t be any exaggeration if we say that estate planning is a woman’s issue altogether. The reason is that women must cope well when their loved ones become disabled or die. It is difficult for most women to cope up in the event of emergency and other unpleasant issues because women are emotional and many times, dependant on their spouse or loved ones for financial and other property related matters. A sudden death in the family or an accident would prove fatal and prove to be a disaster in any woman’s life.

As per a recent study conducted by Penn State University, it is proved that wives are three times more likely to face a mate’s illness or injury. This study also proved that a few husbands had prepared for the kind of estate planning documents that would have made it easy for their wives to survive after their sudden death or illness.

A living will and a health care power of attorney offer wives, the legal right to act on behalf of their husbands, in case of an emergency. In absence of these vehicles, wives are supposed to endure the process of living probate.

Hence, women need to be very careful when it comes to financial planning and estate planning.

As per the reports by U.S. Census Bureau widows, who have crossed the age of sixty five, outnumber widowers by five to one. The average age of which a wife becomes a widow is fifty six. Estate planning is very important to save your wife from being deprived of her legal rights, in case of an emergency.

These days, each taxpayer is entitled to pass assets worth $625,000 estate tax free. In case, you go through proper planning, you can easily protect assets worth $1.25 million from taxes. Most people are not aware of the tax related intricacies. They are confused about the laws and regulations related to tax and finance when it comes to planning an estate. Hence, it would be wise to recruit an experienced estate planning lawyer for the same.

An estate planning lawyer would help you plan your estate wisely and make your spouse financially independent in case of your sudden death, disability or prolonged illness. If you do that, estate planning would no more be a complicated issue for you and your spouse. An estate planning lawyer would help your wife cope up with the toughest situation that may enter your life without a notice.

So, if you are a woman or even a man who cares for his wife and family, consult an estate planning attorney and financial planner for the proper advice.

*Credit & Ref: Women and Estate Planning, by Suzanne M. Rehmani, Esq.

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