Estate planning for women is an essential step for all adults in preparing for the future. Why is estate planning especially important for women? The life expectancy for women exceeds that of men by an average of 4-5 years and, because of that, a woman’s assets need to last longer.
Furthermore, many married women outlive their husbands and become the sole beneficiary of the estate, thereby assuming full responsibility for determining the distribution of those assets to any heirs after her death. Estate planning specialists at Altman & Associates work with women to address their specific needs and develop the financial tools that will help them achieve their long-term goals.
Americans are living longer, and this requires additional planning. Along with all the positive aspects of a longer life span comes the reality that there is a greater incidence of mental and physical decline in those later years. Plan accordingly.
Arrange for a durable power of attorney and assign someone to make decisions regarding your finances and health in the event you become incapacitated. While these issues may be difficult to confront at this time, it is essential that you have a plan in place. Without an estate plan, the court will designate a guardian to manage your financial assets and medical care.
If a woman’s husband predeceases her, she will inherit the estate. Designating beneficiaries to inherit these assets after she passes is important as it will enable the assets to be transferred smoothly. Proper estate planning includes assigning beneficiaries for all accounts, including 401k, IRA, savings, and other retirement funds.
Estate plans are not set in stone. They can be adapted and modified to reflect life changes, such as divorce, death of a spouse, remarriage, and the birth of children. If you have experienced a major life event, take time to reevaluate your existing state plan to make sure it is still aligned with your financial goals and your wishes regarding your estate.
At Altman & Associates, our Maryland estate planning attorneys specialize in estate planning for all individuals – whether you are single, divorced, married, young, or older. Estate plans are important for all stages of life, enabling you to plan for your financial future and make sure your loved ones are taken care of after your passing. For more than 40 years, our estate planning specialists have developed personalized estate plans designed to address your concerns and satisfy your long-term goals.
Altman & Associates is recognized as the premier estate planning firm in the Maryland, Washington, D.C., and Northern Virginia area. We have convenient offices in Columbia and Rockville and our specialists are available to meet with you for a confidential consultation to discuss your needs. Contact a member of our team today at 301-468-3220 or online to schedule an appointment.