Women and men are equal under the law, but there are some unavoidable characteristics that make them very different from one another. From an estate planning perspective, the most important difference is the fact that women tend to live almost five years longer than men. As such, women often die after their husbands have passed.
There is also the fact that women may have less savings and lower retirement incomes than men due to the male-female pay gap that lawmakers and American society as a whole are currently trying to overcome. Throughout history, women have suffered with lower pay and it continues to this day. A well-organized estate plan will recognize these differences when it comes to planning how women will transfer these assets to heirs.