- By and large, mothers and housewives are the only workers who do not have regular time off. They are the great vacation-less class.
- Most women with children will put their children’s needs before their own.
- Women earn 78% less than men and are at risk of a compromised lifestyle if they and their husband do not plan well for a future in which his income is no longer there.
- The history of all times and of today especially, teaches that women will be forgotten if they forget to think about themselves. – Louise Otto
Women, you especially, need to know the following about estate planning:
Kids Protection Planning provides parents with important legal tools to name short- and long-term guardians, gives instructions and guidelines for those guardians and executes medical powers of attorney that allow you to dictate medical care for your minor children in case they are injured and you are not with them.
A will and a living trust are both essential estate planning tools, and although both can be used to transfer assets upon death, they serve separate purposes. A living trust takes effect when you become incapacitated or after death. It allows you to hold assets for your benefit during your life and transfer those assets, without the need for probate, after your death. A will only takes effect upon death and is used to cover assets that do not need to go through probate.
Women need to execute financial and healthcare durable powers of attorney so a trusted friend or family member can make financial and/or medical decisions on your behalf in case of incapacity. And, if you are married or partnered, make sure your spouse or partner does the same so you can handle their financial and medical affairs if something happens to them.
Make sure your partner/spouse has life insurance to support you and your children for as long as you will need support in the event of their death. Women often don’t have their own life insurance if they don’t bring in an income. This is a mistake. Think about the cost of finding someone to handle your responsibilities if you aren’t able to take care of them yourself and secure enough life insurance to cover those costs.
Keep beneficiary forms for retirement accounts (IRAs, 401(k)s, etc. ) up to date, as they determine who receives the assets of each one of your accounts.
We men don’t like to think about leaving you to pick up the pieces if something happens to us even though statistically you’re likely to outlive us. We love and appreciate you and want things to be as easy as possible for you. Your well-being and financial security is our priority. But hey, we’re guys. Sometimes we need to be prodded just a bit. Right? Take care of yourself and don’t be afraid to prod. We’ll come around. I promise.