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What are some estate planning tips specific to widows?

| Feb 4, 2020 | Estate Planning |

Estate planning may seem like a gender-neutral process, but there are some special considerations that you may have to make if you are a woman that a man may not have to. One of the biggest influencing factors regarding estate planning for women is that women often outlive their male spouses. This means that when a woman dies, she has a much larger estate that will not transfer to her husband. This brings with it some concerns that you will want to address.

The Business Journals suggest that you review your estate after your husband passes away. Make sure that you know about all of your assets and that they are covered in your plan. You should also check into beneficiaries to make sure they are up to date. You will also need to change titles and deeds to ensure they are in your name to solidify ownership.

Should you marry again, you need to make special provisions with your estate. If you do not have a solid estate plan and you pass away before your new spouse, he could get everything from your first husband that you now own. This could create obvious issues for your children from your first marriage. So, you need to make sure you update your estate plan and account for this second marriage.

You may want to make use of trusts. This will allow you to better manage your assets and who gets what when you die. They can provide extra protection that a will does not. They also help to ensure that your wishes are quite clear.

In general, you will need to make more decisions and manage your estate a little more closely once you inherit from your deceased spouse. You now control the family’s future, so it is essential to make sure you have everything in order.