Written By: Brandy Miller | January 12, 2017 | No Comments
Every adult in Berks County and Reading, PA needs an estate plan, and for some individuals, estate planning is especially important. For example, women may be especially in need of the protections and peace of mind estate planning offers.
An estate plan can be especially important for women because:
- Women are more likely to be a primary caregiver for children.
In the event of a divorce, women are more likely to become responsible for children. There are also more single mothers than single fathers. Estate planning is an essential way to take care of children, especially minors. Creating a will, power of attorney and designating a guardian ensures children are taken care of by someone a mother trusts. Estate planning also protects the financial assets needed to pay for schooling and basic needs. Estate planning further ensures children are cared for and don’t have to make difficult decisions if their mother is severely injured and unable to make decisions on her own.
- Women live longer than men.
On average, women tend to live longer than men. This can have a significant impact on estate planning because it can mean women need to be especially considerate of long-term financial security. For instance, there’s a good chance a woman will outlive her husband or may even be married later in life. Estate planning can ensure women in these more vulnerable situations are protected and have the financial resources they need.
- Women, over their lifetime, will generally earn less than men.
Women may take time off to care for children during their childbearing years. In addition, women still tend to be paid less for equal work. This can mean women have fewer assets than their male counterparts, making it more important for women to protect what they do have. Wills, trusts and other tools used in estate planning can help women protect their hard-earned assets and can ensure their assets are passed on as they wish.
If you’re a woman and would like to speak to someone who understands the unique nature of estate planning for women, contact the legal team at Miller Law Group for a consultation. Miller Law Group serves Berks County and Reading in Pennsylvania, and our estate planning attorneys focus on the unique needs of our clients. For a personalized review of your estate plan, contact us today.