Though Minnesota estate planning seems like something that would affect everyone equally, and that’s certainly true, there are unique concerns faced by some women that warrant a quick discussion.
A recent article by CBS MarketWatch explored some of these issues and we’ll go through some of the advice targeted specifically at women now.
First things first, what makes women’s estate-planning needs different than that for men? Well, on a technical level, nothing at all. There are no probate laws unique to females nor do women inherit property any differently than men (we aren’t in the Victorian era). However, men and women often approach things in a different way and these differences can result in changes in the way estate plans are constructed.
Additionally, women are far more likely to outlive their husbands than husbands are to outlive their wives. This can result in a very real reason to make changes to estate plans, especially as couples approach their golden years. Let’s run through some specific advice and concerns for women across various age groups.
Minnesota Wills and Trusts | Single women
What about younger, single women? Do they have any special concerns when it comes to estate-planning? Absolutely. One thing that single women need to consider is who they want to leave their property to. In cases where there are no obvious heirs, it becomes especially important to construct a will that explains how property will be divided after you are gone. Though you may not have children of your own, it’s possible you are set on having certain items given to friends, nieces, nephews or others. Without a will, Minnesota intestacy laws (the rules for distributing the property of those without a plan) could mean that your stuff ends up somewhere you did not intend.
The most important concern or single women, according to most experts, is selecting the person who will care for you when you are sick or incapacitated. When planning a healthcare directive, it’s important to give serious thought to who you want to handle such delicate issues as end-of-life decision-making. Without the easy choice of a spouse, this can be a tricky issue and any selection needs to include an alternate in case your first choice becomes unavailable.
Minnesota Wills and Trusts | Married women with children
Married women with children often focus on two important things when tackling an estate plan: children and income replacement. If you have young children it is critical that you and your husband create a plan for what will happen to your children should something terrible happen to you both. Naming a guardian is essential to ensuring your children are protected when you are not around to do it yourself.
Older married women need to spend some serious time considering financial issues and ensuring that they will have enough income to continue supporting themselves throughout retirement and well into old age. It’s crucial that decisions regarding pensions and Social Security be made between both husband and wife with an eye towards ensuring the longest income stream possible, something that will likely benefit the wife and guarantee that she is taken care of for as long as possible.
Statistics show that 36 percent of women over 65 are widowed compared to only 12 percent of men. This number highlights the reality that women need to prepare for a life on their own and make sure that they have created an estate plan that will work for their benefit over the long-haul.
Minnesota Wills and Trusts | Widows
Women who have been widowed need to focus on updating their estate plan in light of the loss of their husbands. This change should be reflected in your important documents, including your will and health care directive. Without making these changes you could be left without someone to make medical decisions given that your old documents likely only referred to your husband. Additionally, widows need to also reflect on what changes the loss of their husband might mean to their longer term financial goals and wishes for inheritance. There may be new challenges to confront or opportunities to consider given your newly single status and these should all be explored with a Minnesota estate planning lawyer.
Though it may be confusing, creating an effective estate plan does not have to be an overly complicated process. An experienced Minnesota estate-planning lawyer can help walk you through the process of establishing or updating a will or trust. For more information on estate planning in Minnesota, along with a variety of other topics, contact Joseph M. Flanders of Flanders Law Firm at (612) 424-0398.
Source: “How women can make estate planning easier,” by Andrea Coombes, published at MarketWatch.com.
