Estate Planning for Women

But nothing could be farther from the truth.

There are different estate planning strategies for different people. Finances, lifestyle, priorities, family, and gender make a difference when it comes to preparation. And women are definitely part of a group that needs to take special considerations when planning their wills.

Here are just a few things to consider for a woman’s estate plan:

• Women generally outlive men and need to have a plan for their financial future.
• Women often need to plan for different health care and end-of-life needs.
• Women’s estate planning documents often determine what happens to the family assets.
• Statistics show more than half of widowed or divorced women remarry.
• Creating a joint will with a partner can impose unforeseen hardships when one partner passes.
• Women control a little over a third of the US household financial assets ($11 trillion).
• By 2023-2024, women’s global wealth will be more than $81 trillion.
• High net-worth women give 3.5% of their total net worth to charity, nearly double given by men (1.8%).
• Single women are more likely to give to charity than single men.
• Single women are more likely to give larger amounts to charity than single men.