Estate planning can be emotional. No one wants to think about their own death, and making plans around your passing can seem morbid.
However, taking steps to make sure that your estate is squared away can save your loved ones from additional grief after you pass. Here are a few considerations that women should especially be aware of when planning their estate.
Planning to live longer
On average, women live nearly five years longer than men. This means that you will likely have different concerns than your spouse. The unique challenges of living longer include:
- Making sure your assets can sustain you for a longer time
- Planning for prolonged medical care
- Distributing shared assets to beneficiaries as the surviving spouse
Steps to take
Thinking about your estate earlier can help you be better prepared for whatever the future holds. These are a few steps you can take to prepare your estate:
- Find trusted advisors: Having an advisor that you can trust is a big part of being prepared for the future. An advisor can help you create an estate plan and help make any changes to your plans along the way.
- Know your finances: Staying updated on your assets is half the battle for making sure that they go where you want them to. You should also stay up to date on your spouse's assets and estate plan.
- Make a plan: Once you have a trusted advisor and working knowledge of your assets, it's time to make a plan for your assets. While you should start the estate planning process early, it is important that you regularly update your plans to keep up with life events and changing priorities.
Estate planning has traditionally been geared towards men. However, women are now an economic force that controls half of the wealth in the U.S. Estate planning is quickly shifting to address the unique concerns that women have for their financial legacy.