Gender Differences in Estate Planning
Legally, of course, there are no differences anymore in estate planning or asset control. (However 200 years ago, women in the US had virtually no rights to own property or assets.) Practically speaking, however, woman in the US are poised to inherit a significant amount of money and property over the next thirty years.
Women live longer than men. For many women in the 60s and 70s they have already inherited money from their parents. And because women live longer than men, these same women are set to inherit yet another estate from their husbands.
Because of gender role assignments in the 1950s, some of these women have not been exposed to significant financial planning throughout their lives. And while no one is ever too old to learn about asset management, trying to understand complex estate issues would be difficult for anyone in a time of grieving.
Women also tend to make different spending and estate planning choices from men. Women tend to travel more and are more likely to donate to charities. An estate planner can include charitable donations as part of an estate plan, frequently helping make the financial contribution higher given forethought and planning.
Women are frequently living into their 90s. And while inheriting money from parents and husbands will help make those years easier financially, an estate planner can ensure a continuous stream of income to account for that longevity.