Women typically have a longer life expectancy than men (on average six years longer). That’s one reason why it is so important that women have their own will, trust or other estate plan documents professionally drafted to ensure long-term financial security for themselves and their families.
Women are powerful forces in the labor market today; women control more than half of the personal wealth in the United States and this number is expected to increase. Women are also the primary breadwinners in 40% of households in America.
Estate planning is recommended for women so their assets and loved ones are protected.
Married Women and Estate Planning
Even if you are a married woman who owns everything jointly with your spouse, having separate – but complete – estate plans can help you to avoid unnecessary tax liability. Both spouses should have plans that complement, not conflict, with each other.
Unmarried Women and Estate Planning
Women who are unmarried can use estate planning to manage and allocate their assets and be proactive about financial concerns later in life. If you do not have a will, trust or other plans in place, upon your death your assets will be divided among your family members as determined by the Colorado Probate Code which may not align with your wishes.
Change in Marital Status and Estate Planning
If you become married, divorced, widowed or remarried, you should carefully review your estate plan to make sure you still agree with the choices you made earlier such as:
- Executor/Personal Representative
- Asset allocation
- Charitable gifts
- Memorial gifts in loved one’s legacy
The giving options of charitable or memorial gifts can include provisions to provide for a loved one’s future education or care needs such as:
- Money management
- Secure income payments for life
- Tax savings
As a woman, you work hard to provide for your family. Make sure the plans you make today not only meet your current needs but also help you plan for long-term financial security for yourself and your loved ones.
To learn more about estate planning in Denver, Colorado, contact The Brown Law Firm today. We can advise you on what type of will in Denver would best fit your needs or if a different type of estate plan is recommended for your situation.