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What are the special considerations for single women when estate planning?

On Behalf of | Jul 24, 2019 | Uncategorized |

Estate planning is a smart move if you want to ensure your assets and finances are handled correctly after you die. Even if you do not plan to die anytime soon, you still need to get your Ohio estate in order because you never know what could happen. Planning for couples usually is very straightforward because the law generally makes an automatic transfer of ownership of most assets to a spouse upon death. However, if you are a single woman, you may have some special considerations to make in your plan.

 Forbes explains that a single woman’s estate plan has special needs because women tend to live longer. This means that you need to review your estate plan more often and more times than your male counterparts. You also need to plan for a longer life, which means more care when assessing your finances.

 If you outlive your husband, you also need to account for that in your estate plan. You may gain additional assets that you will need to safeguard. You will have to name heirs and make sure you understand everything that is part of your estate. It can grow substantially upon a spouse’s death, which means you may not be aware of what you have until you do an estate review.

At the very least, you want to ensure that your estate plan includes a power of attorney, will and living will. These three documents will offer you some protection as well as organize what happens after your death. This information is for education and is not legal advice.