Everyone needs an estate plan. Since women typically live longer than men, about five years more on average, this plan is especially crucial for those who are married. Surviving your spouse means you will be responsible for what happens to their finances and possessions upon their death. But, married or not, the extra few years of life means having more time with your family’s assets. This makes planning for them even more important.
A Woman with a Plan
Some may think that if your husband has an estate plan, you don’t need one of your own since you have a joint income. Even still, you have your own assets that need protecting, even outside of your marriage. As a woman, your own individual estate plan can be updated after the unfortunate passing of your spouse, and as their will is executed, you have a lot of new work to do on yours. As this is a common situation in today’s day and age, having a significant voice in your partner’s will is important, considering the odds that you’ll be the one in charge.
However many years in the future it may be, there’s a good chance you will be responsible for distributing your family’s wealth. This is a huge undertaking, and involves a lot of planning and coordination to do properly and efficiently. Your late spouse may have assets for your shared children, children from another marriage, or surviving siblings that you as their widower will need to take care of. With this in mind, be sure that when you and your husband begin creating your estate plans, you do so with open communication. Consider all possibilities, but be prepared to be the executor of your significant other’s will. Ensure that what is put to paper works out for your convenience.
Planning with Endowl
Creating an estate plan can be stressful. You’re forced to think about your own death and the deaths of those closest to you, along with the complexity of dealing with the aftermath if and when a will needs to be executed. When you use Endowl, everything that makes estate planning a chore disappears. If you want your estate planning journey to be easy, frictionless, and hassle free without dealing with expensive attorneys, there’s no better place to look than Endowl.
Women’s History Month is a time to recognize and celebrate women, along with their triumphs and accomplishments over time. Estate planning is often overlooked, though it’s one of the most important things you can do for yourself and your family. As the role women play in this process is critical, recognizing this is not only important, but necessary for most families in order to be certain that their estate plan is in the best condition possible at all times.
While women face many unique obstacles to financial independence, it’s possible to mitigate some of these obstacles by thinking of the female figure being the surviving spouse and planning accordingly.
Endowl makes this process simple for everyone. Don’t wait until the last minute to protect yourself and your loved ones. Start thinking about your family’s future today.