Women and Estate Planning: A Natural, Necessary Fit

Women control more than half the wealth in the United States, and yet their role in estate planning has traditionally been small to nonexistent.

That’s changing, and for more reasons than simply where a majority of the money rests.

“Today’s women are a powerful financial force, accumulating, managing, and distributing more wealth than ever before,” according to the website of the University of Alabama. “That’s why it is important that every woman take control of her long-range financial and estate plans in order to ensure long-term economic security for herself and her loved ones.”

Longer life expectancy for women as well as their increasing presence in the work force are also contributing factors to making estate planning essential for women and for professionals in the field to be increasingly recognizing this.

“Estate planning is an important concept for everyone, regardless of the size of the estate,” according to the website Investopedia.com. “For women, however, it is even more important for several reasons. Women, on average, live longer than men and must manage living expenses for a longer period of time. Women also make less money on average than men and may be at a financial disadvantage when their spouses die. It’s never too late to organize your financial life and plan how you will pass on your wealth to your beneficiaries.”

“If talking about an estate plan gives you goosebumps, you are not alone,” according to a June 2010 article on Forbes.com entitled “Six Estate Planning Questions for Women.” “But you need to tackle this essential task to take care of yourself and the people you love. An estate plan is not only about watching out for yourself now or protecting your young children should something happen to you, your spouse or both of you. It is also minimizing potential hardships in your old age.”