Estate Planning From a Women’s Perspective

 Posted on January 16, 2023 in Estate Planning

Yorkville Women’s Estate Planning Lawyer

Estate Planning takes into consideration your assets, debts, and wishes for distribution of those assets upon your death. If you die intestate (without a Will or Trust), your estate will have to go through Probate and will follow the intestacy statutes for distribution, which may not be in line with how you want your assets to be distributed when you pass. Having a proper estate plan will eliminate these potential issues and can even avoid Probate if created and funded the proper way. Simply put, estate planning is an essential step for everyone. However, women are at an increased need for a well-constructed estate plan for many reasons. Our Oswego Women’s Estate Planning Lawyer can provide information and assistance in the areas of wills and trusts, estates and trusts, and probate and guardianship law in and surrounding Kendall County.

Women Live Longer, But Make Less

Women tend to live longer than men on average. In estate planning, it is common for the husband or wife to leave their assets to the surviving spouse to inherit. Since women typically live longer than their male counterpart, it is likely that the woman would be the surviving spouse in the marriage and would then have more assets to be distributed upon her death. Additionally, if the husband dies before the wife, she will have to consider alternative beneficiaries to inherit her assets. This is a major decision to make, and without an estate plan, the woman’s estate would have to follow intestacy statutes over what her wishes might have been had she created an estate plan while she was alive.

Although women tend to outlive men, it has also been proven that women make less on the dollar than men do. Because of this wage gap, women must financially plan their future more strategically than men do. Since it is more likely for women to struggle financially than men, it is imperative for women to create a solid estate plan that accounts for their assets as well as protecting those assets.

More Women are Choosing to Pursue a Career over Having Children

It is the increasing trend for women to pursue a career instead of having children and being a full-time caretaker. If women are in the workforce full time and do not have to dedicate any of their income to a family, they will have a large estate. With a large estate comes the risk of losing that estate through a lawsuit or some other judgment. This is where a complex and cohesive estate plan can assist. By creating a unique estate plan for the woman’s estate, she can still be able to enjoy her assets while making sure they are protected from potential risks that could threaten those assets.

Another reason women without kids need an estate plan is because these women are becoming business owners and entrepreneurs. Owning a business makes you very susceptible to a lawsuit. Implementing an estate plan with the goal of asset protection will ensure that your business will pass to someone who you trust with continuing it upon your death, while also protecting the business and your personal assets from creditors should you or the business ever be sued.

Most Women that Have Children are Deemed the Custodial Parent

While more women are choosing a career over having children, there are still plenty of women who have a family. Of the women with children, many of them are either unmarried or divorced. Of those women, it is more likely than not that the woman is the primary caretaker of the children. Being the primary caretaker holds an additional responsibility, determining who will care for the children and their assets should you pass while they are still minors.

If a woman dies with minor children, a guardian will need to be appointed to take on the day-to-day responsibilities of caring for the children. Without a designation in place, the role of guardian will often be given to the non-custodial parent or some other family member. This may not be who the woman wishes to care for her children. Since this is such a big decision and maintaining a sense of permanency for the children is essential, women who are primary caretakers should create an estate plan that clearly lays out a set list of people who she believes will be able to step up and care for the child.

In addition to the day-to-day care, the woman is also tasked with determining who should be responsible for the child’s assets until they reach the age of eighteen. Without a proper designation, this person would typically be the same person that holds the role of guardian of the child, which may not be the designation that the woman would wish. To ensure that you have someone you trust taking care of both your children and their finances, it is crucial to implement an estate plan that properly lays out these designations.

Kendall County Women’s Estate Planning Attorney

Women take proper precautions to make sure they hire an attorney that is experienced in estate planning. Whether it be a complex asset protection estate plan or an estate plan to ensure your children are well taken care of, the attorneys and staff at Peace of Mind Asset Protection, LLC have knowledge in all areas of estate planning and take immense pride in ensuring your assets are protected and your loved ones are provided for. We offer consultations in person, via Zoom, or home visits. For more information, call our Yorkville Women’s Estate Planning Lawyer at 630-780-1034 or via online contact form.