One recent study highlights just how important it is for women to be in touch with their assets, liabilities and estate plan. The Fidelity Investments 2023 Financial Resolutions Study set found that women are more likely than men to explain their relationship with money as stressful.
Married women often combine their estate planning efforts with their spouse, but you also must consider a few important facts about estate planning that are unique to women. Having a plan with your spouse as well as a backup plan for yourself is crucial for protecting yourself.
Over 3,000 adults were included in the study, and it showed that 36% of female respondents claimed that their relationship with their money was stressful, while only one quarter of male respondents said the same.
There are many different challenges facing women when it comes to estate planning, including care taking responsibilities, gender-based wage gaps that make it more difficult for them to save for retirement, a longer lifespan and likelihood of caregiving to a partner in the future, and missing out on important earning and savings capabilities due to taking more time out of the workforce than men on average. This makes it extremely important that you understand the full scope of your estate planning picture and work with a qualified and experienced estate planning attorney.
An attorney can help explain to you each of the assets and opportunities available with estate planning, both as it relates to planning with your spouse, and how you may wish to set up additional considerations if you face some of the traditional challenges that many women do. Set up a time to meet with an estate planning attorney in New York, New York now.