Many women in California and elsewhere like to talk about a wide range of topics. However, data suggests estate planning is not often one of them; in fact, there’s evidence some women typically avoid this subject as much as possible. Others, however, understand that procrastination in this area may lead to stress and complications for loved ones in the future.
Times have greatly changed with regard to women being able to provide financial stability for themselves. Long ago, most women depended solely on their spouses to ensure financial security and provide for basic needs of food, clothing and shelter. Things are different nowadays as many of the world’s wealthiest business people are, in fact, women.
As such, the benefits of careful estate planning apply equally to women and men alike. Especially for those who are married, it’s important to secure a plan that provides for a surviving spouse when the other spouse dies, particularly if the deceased spouse was the primary breadwinner. Clearly defining one’s intentions with regard to the inheritance of assets is also a key factor that helps all estate owners (not just women) protect their interests and help their loved ones avoid lengthy probate processes when the time comes to administer their estates.
Many women in California take matters into their own hands by educating themselves on estate planning fundamentals. In addition, the value of possessing pertinent knowledge, such as contact information and passwords for all personal and business accounts, plus any tax and/or investment data cannot be overstated. Anyone seeking estate planning advice may contact a probate and administration attorney for guidance.
Source: regions.com, “5 Estate Planning Tips for Women“, Accessed on March 9, 2017