On average, women outlive men by five years. As a result, many women are responsible for making critical decisions about what happens to their family’s estate.
These tips can help women with their estate planning decisions.
Learn about estate-planning
The ideal time to start learning about estate planning is well before you need to make a decision. Educate yourself or talk to an estate planning professional about estate-related rules and regulations. Make sure you know what your assets and investments are. Obtain the user names and passwords for all of your financial accounts.
Designate beneficiaries and update them as needed
Some types of accounts allow you to designate a person or organization to be the beneficiary of that account when you die. Typical examples include retirement accounts and life insurance policies. Make sure you have a beneficiary designated and update your beneficiaries after major life events, such as deaths, births or divorces.
Consider your needs first
Many parents focus on making sure their assets pass to their children when they die. However, if your spouse dies before you do, you need to make sure you have the financial resources you need. Ensure that your arrangements set aside adequate funds for a surviving spouse before passing anything on to other heirs. Additionally, consider financial decisions, such as when to begin receiving Social Security benefits, that could impact your income.
Women often have unique estate planning needs. Taking these steps now can help ensure that you are financially secure in the future.