Gender and Estate Planning: Are You Really Prepared?

 Posted on July 09, 2014 in Estate Planning

For many, the idea of estate planning is difficult to even conceive. This is understandable, as the subject of death, in general, makes many uncomfortable. However, it is essential to consult an attorney to have a plan in place should the worst happen - especially if you are a woman in Illinois.

The World Health Organization's latest statistics show that even on a global level women generally outlive men by four years. In the state of Illinois, this figure is amplified to a higher degree - with women living six years longer than men. This makes having a cohesive plan in place for your estate all the more important.

Consider the following facts when planning an estate to ensure financial stability:

• A study cited by Forbes found that women care more about losing weight than financial planning;

• Of all Americans 65 years and older, 42 percent consisted of widows;

• Historically, women are more likely than men to marry above their own ages;

In regards to these statistics, it is critical for women to be as active as possible in the estate planning process. It is equally as important for a husband to make sure his wife is taken care in the event of his death. Although society has certainly progressed, the husband is traditionally the primary source of income. If men are dying younger than women, but are controlling more of the finances, widows are often left with bills, accrued debt, and the psychologically and emotionally draining disputes over assets.

Without proper estate planning, you could be subjecting your wife and children to economic hardships that can be avoided by consulting an Illinois attorney. Do not wait any longer to draw out a legal document to ensure your loved ones will have a life free of financial stress.

Contact the law offices of Stock, Carlson & Asso. LLC today. Serving the larger Chicago area, we strive to provide you with the individual and personalized services necessary when drawing up a cohesive estate plan.