Estate planning is vital for women, who live an average of seven years longer than their male counterparts. A recent article discusses several things women should know about crafting their estate plan.
First, it is important to take control of your own financial planning. The biggest mistake a woman can make is to leave her financial planning to a spouse or partner. Every woman should understand her financial situation, and have her own estate plan that outlines her interests and needs.
It is next important that women do not underestimate their life expectancy. While it is important for women who have minor children to make provisions for these children should they unexpectedly become unable to care for them before they reach the age of majority, it is just as important that women plan for a long retirement and the potential need for long-term medical care.
Finally, be sure to appoint a neutral executor for your estate plan. While a family member or friend may be neutral, it may also be necessary to use an independent professional executor. Because an independent executor is not a member of your family, he or she will have no interest in the distribution of your assets. Moreover, professional executors come with a wealth of experience and knowledge in estate administration and distribution.