Estate planning is critical for people of all ages and both sexes who want to ensure that they themselves are taken care of if their spouses and other family members die before they do. It also ensures that their offspring are provided for if they die. Estate planning is especially important for women in New Jersey. Here are a few tips for how women can create estate plans that will work best for them and their families.
Women usually have longer lifespans than men, yet they often don’t plan for what will occur when their spouses or other relatives die. More than 30 percent of females who are at least 66 years old are widows; the corresponding figure for men is just 12 percent. Women, therefore, would be wise to address in their estate plans who will take charge of their financial and medical decisions if they find themselves unable to handle this business themselves.
It would also be wise for women to examine their incomes and determine if they could make it financially if their husband were to die. They can look into whether they’re entitled to death benefits in the event that their spouse passes away. It’s also important to begin planning for long-term early on as part of the estate planning efforts.
In her estate plan, a woman in New Jersey can also name a guardian for kids, just in case she ends up passing away while they are still minors. Unfortunately, death can strike at any time. Being as prepared as possible for the inevitable through estate planning in New Jersey can help a person to have a greater peace of mind regarding his or her own future as well as that of her children.
Source: floridatoday.com, “Financial Q&A: Estate planning differs for women“, , June 23, 2014