Lifestyle
Empowering Women Through Estate Planning - For Generations To Come
As we celebrate International Women's Day, it's important to reflect on and celebrate the critical role that women play in estate planning. Estate planning is not just about passing on assets and property after death, it's also about ensuring that your legacy is preserved and that wishes are respected. According to the National Alliance for Caregiving, women provide 60% of caregiving for family members, but only 55% of women have a comprehensive estate plan, compared to 74% of men. By Robyn Sechler GoodTrust
As a woman, and a mom, I know firsthand the importance of planning ahead, which is something I have learned from both personal and professional experiences. It's certainly not just something that the wealthy or the elderly need to worry about - as many believe. It's important for everyone to plan their estate, and the process should be made easy and affordable so that everyone can do it.
Having lost my dad at too early of an age as well as being in the estate planning service for over 12 years, I have seen - and experienced - firsthand the challenges that come with those who have no plan in place. I am passionate about encouraging women to take an active role in protecting their families by creating a plan that reflects their unique needs, ensures their legacy is preserved and knows that their family is taken care of - no matter what. It's time for us to take control of our financial future and help pave the way for future generations.
Women are becoming increasingly important in building and managing wealth. A McKinsey study suggests that women will control up to two-thirds of all wealth by 2030. This means that we have a critical role to play in estate planning to ensure that our wealth is protected and distributed according to our wishes. We can also use our earnings to promote intergenerational wealth transfer by educating our children and grandchildren about financial literacy and estate planning and passing down assets and inheritances accordingly.
As more women become business owners and high-earning professionals, it is more important than ever for women to take control of their estate plans in order to achieve their financial goals and pass on wealth to the next generation.
- Law.com
Ensure intergenerational wealth transfer - no matter the amount
In addition, it should not be overlooked that women have unique needs and concerns when it comes to estate planning. Statistically, we tend to live longer than men, which means that we may need to manage our finances and estates for a longer period of time. We may also face different financial challenges than men, such as lower lifetime earnings, more time spent out of the workforce for caregiving, and a greater likelihood of living in poverty in old age. A study by UBS found that 85% of women prioritize their family's well-being over their own financial security, which makes estate planning even more important for ensuring their family is taken care of after they are gone.
In short, the role of women in estate planning is crucial for promoting intergenerational wealth, knowing our children will be in good hands, and having peace of mind with a plan in place. All my experiences to be learned the hard way so you don't have to. The time to act is now. Create your personal comprehensive estate plan that reflects your unique needs and concerns to secure a stable financial future for yourself and your loved ones.
As we celebrate International Women's Day, let's honor the importance of women as a bridge to a brighter future and protect what matters.