Women living in Georgia may have unique estate planning needs. The reasons for this include that women often live longer than men, may earn less over their lifetimes and might not be as familiar as their husbands with the “big picture” of investments and retirement funds.
Statistically, women in the United States have an average life expectancy that is more than four years longer than the average lifespan of a man. In addition, many women marry men who are at least a few years older than them. This means that many married women will outlive their husbands by at least several years, and in some cases, this can stretch into decades.
Another thing to consider is that while many women are in charge of household budgets, their husbands often manage retirement funds and investment portfolios. After the loss of a spouse, a widow could be confused about the management of their husband’s estate.
A final factor for single, divorced, and married women is that many of these women earned less over their careers than their male counterparts. This may be due to career choice or career disruption because a woman took time off to raise children or care for family members. As a result, many women may be working with less money of their own during the financial planning process.
Couples and women who are concerned about estate planning may benefit from speaking with an attorney. The lawyer may be able to review the client’s case and make recommendations regarding trusts, wills and end-of-life arrangements, including assigning power of attorney and living wills.