ESTATE PLANNING AS AN OLDER WOMAN
March 31, 2020
When it comes to creating an estate plan, it is imperative to understand that everyone approaches the process from a different angle. For example, older women sometimes face unique stressors with regard to setting up a will or creating a trust, and we will explore a few of these issues in this post. From financial dependence to losing a spouse, there are various hurdles that are especially likely to impact older women (although these difficulties sometimes apply to men and younger people as well).
While many younger women are very involved in their finances and completely independent, some older women rely on their spouse to handle their financial affairs. Women who do not have much familiarity with their finances must review their circumstances closely and ensure that the estate planning decisions they make are appropriate. Sometimes, reaching out to a financial advisor helps in this regard. Senior housing is another key issue that older women must look into when thinking about the end of their lives.
Handling the Pressure
Another challenge that impacts many older women is losing a spouse and many women are especially likely to lose their marital partner in comparison to men. For example, when a woman is dependent on her husband and he passes away, she is likely to struggle with emotional challenges in addition to uncertainty regarding financial issues and setting up or modifying an estate plan. Moreover, many mothers face additional pressure from children and grandchildren when it comes to loan requests, the distribution of assets and other financial topics. On our site, our law office sheds more light on many other estate planning matters.