In previous years, people had the belief that estate planning was primarily the job of men. However, times are changing and the demographics for the workforce are changing, too. As Baby Boomers retire and Millennials and Post-Millennials begin to take up a larger part of the work force, this changes many things. When leadership changes from one generation to the next, different social trends also occur. One of those trends is the increase of mothers in the workplace and female professionals. As women take on the benefits of employment, they suddenly find themselves needing to think about estate planning for themselves, as well.
Estate Planning and Women
There is one area that is vital to consider when it comes to the differences between women and men in estate planning. While we do not generally think about this, estate planning tends to have a larger impact on women than men simply because many women outlive their husbands. Women tend to be younger than the men they marry and they also have a longer life expectancy. Because of this, the burden of administering an estate often falls on the women.
In addition, as more and more women join the work force, they will also likely be equal contributors to their household income. This creates another reason why women should play an active role in estate planning.
Many people, including women, make the mistake of thinking their estate is not valuable enough to need an estate plan. Although the need for an estate plan increases as the estate becomes larger, wealth is not a requirement for having an estate plan.
Right of Survivorship vs. Estate Plan
You have probably heard the term ‘right of survivorship.’ If you hold property jointly, this means that your spouse will get your property after you pass. Many couples think this is enough. While this can help, it does not address potential issues that an estate plan can. For example, not all assets can be held jointly, so an estate plan can ensure that your spouse gets these assets without having to go through probate. In addition, if one of you becomes incapacitated, an estate plan can put measures in place to handle this.
Young Professional and Estate Planning
For many, especially women who fall into the Millennial and Post-Millennial category, there is a notion that they are too young to worry about estate planning. Unfortunately, the reality is that we never know when our time is going to be over. Instead of viewing estate planning as a list of directives for when you are gone, instead, view it as a way to account for your possible incapacitation, a way to protect and grow your wealth, and a measure to protect you during retirement.
Contact an Experienced Estate Planning Attorney
Although no one likes to think about a time when they will no longer be here, estate planning is an irreplaceable tool for protecting your assets and your loved ones. The attorneys at Lankford & Moore Law understand the importance of protecting these valuable assets and will tailor an estate plan specifically to your needs. Contact us today to schedule a consultation.