Does gender impact estate planning? According to Amy Libertoski, the principal and senior financial advisor at Wipfli Hewins Investment Advisors, it does. Because women live longer than men, they have additional planning concerns that need to be addressed in regards to assets. An estate plan would then be helpful in transferring those assets. However, the most important purpose of creating an estate plan is to provide security in case of any emergency. Libertoski provides some key messages to keep in mind in regards to financial planning. The objective of estate planning is to be proactive and plan for asset dispersion in case of unpredictable circumstances. Examples of estate planning documents include, a will, an advance directive and a durable power of attorney for healthcare.
It’s not easy to plan in cases of high-stress emergencies and death. However, in the long run, these decisions will alleviate the personal stress that would have been induced if these plans hadn’t been discussed.
At Lauren Richardson Law, PLLC, we have a team of all-female employees that understand the need for estate planning. However, estate planning doesn't only apply to women. We urge everyone, regardless of their gender, to know their assets, protect their assets and plan their assets. If you're in need of estate planning legal guidance, contact Lauren Richardson Law, PLLC.