For older women, and all other adults, having an estate plan set up is very beneficial for various reasons. Not only does a will or trust offer protection in terms of one’s estate and help ensure that assets are divided properly down the road, but it can give people peace of mind as well. However, at Futterman, Lanza & Pasculli, LLP, we know there are a number of unique considerations that many older women in Long Island and across New York have to think about while setting up their estate plan. In this post, we will highlight some of these issues.
Some older women may have less familiarity with critical financial matters because their spouse, who may have passed away, took care of investments, insurance policies, mortgages and other key financial matters. Moreover, women may have to deal with increased pressure from their children and grandchildren in terms of support. For example, some women provide their children with a considerable amount of financial assistance due to being pressured or feeling sorry for their child’s circumstances.
Often, women live longer than their spouse, so they may have an especially challenging time setting up an estate plan because they have found themselves on their own. Our law firm recognizes the challenges that many older women have to endure, not only in terms of creating an estate plan but dealing with other matters (such as relocating to a nursing home). However, having a comprehensive estate plan set up can offer a considerable amount of relief and it may help women feel better about their situation. Additional information on many other estate planning topics can be found by browsing our website.