Why Women Need Solid Organization for Estate Planning

Have you thought about your assets and legacy and how these play into your estate planning? With the right resources and advice from experienced professionals, estate planning can be a positive experience. The process will assist you in identifying what you intend to pass on to your loved ones and allow you to make the transfer of those assets easier.

When thinking about estate planning, organization is key. In the event that a health issue arises, it is crucial that your loved ones know how to locate your most important documents. Proper estate planning ensures that all of your financial and legal documents are in one place and secure. This makes it much easier for your loved ones to spring into action if and when they need to activate a power of attorney or similar document.

You can do a great deal of good by considering these organizational issues now and scheduling a consultation with an experienced and knowledgeable estate planning attorney. Doing so is the first step in preventing your loved ones from going through the unnecessary distress of trying to figure out where your documents are or what your estate planning goals are.

An organized estate plan is critical for women. The life expectancy, particularly for women, is reaching an all-time high. This means that couples and individuals have to think more carefully than ever about the purpose of their estate planning. They will want to consider how their estate can be used to protect their family and accomplish their individual goals.

A new study indicates that there are fewer opportunities for women to save for retirement during their working years because of economic risks related to caregiving and divorce, structural barriers, and discrimination. Lower participation rates and fewer working years during their lives mean that women are less likely to get the compensation that they need in their retirement years from social security and beyond.

Women have less retirement income than men and are retiring on average with only 80% of the overall income for men. Thus, women face significant challenges when it comes to saving enough money for retirement. This news likely comes as no surprise to many of the baby boomer women who are reaching age 65 and beyond.

Because of the above factors that impact women, they are entering retirement with fewer savings and longer life expectancies. These factors also highlight the importance of organized planning for women.

Schedule a consultation with a trusted estate planning lawyer to learn more about how your retirement years and your estate plan can and should work together

 

 

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