WOMEN AND ESTATE PLANNING

By Pillara Henderson-Smith

“Always plan ahead. It wasn’t raining when Noah built the ark.” -- RICHARD

Too often women do not plan for their financial future or the future of their health care. This is especially true if a woman is in a traditional marriage because traditionally it is thought that the man manages most of the family’s assets. And when it comes to health care, most couples generally think their spouse will be able to make health care decisions on their behalf and to advocate for their health care needs if they cannot. So, planning doesn’t rank high on the list of priorities.

However, what many women do not realize is that according to the Center for Disease Control’s National Vital Statistics Report, women live on average 4.8 years longer than men. This statistic is significant because as most women reach their golden years, they will be solely responsible for their assets and health care. Therefore, it is more likely that a woman will control the disposition of her family’s wealth and it is more likely that a woman will have more acute health care needs. Based on those two facts alone, every woman should take control of her assets and health care to ensure that life meets her standards and expectations especially when she can no longer speak for herself.

An important way for a woman to take control is to create an estate plan. With an estate plan, documents can be executed to give specific directions on how her assets should be used and what type of care she will receive. One document she can create is a revocable trust. A revocable trust is an effective tool used to organize assets to give their maximum benefit while she has capacity when she is incapacitated and at her death. This document allows her to choose who will manage her assets for her benefit and the benefit of her loved ones when she is longer able to. She can have peace of mind knowing that the quality of life she is accustomed to does not have to change simply because of mental or physical incapacities. She can also have peace of mind in knowing that at her death her assets will be gifted to the people and organizations that are most important to her. Another document she can create is a power of attorney for health care. Many women live their lives appearing to be invincible as they care for so many others. However, the truth is women are not invincible and with a longer expected life span the reality is they may develop long-term and serious health care needs. With a power of attorney for health care, she can take the guesswork out and remove the emotional trauma when tough health care decisions must be made and she is no longer able to communicate her desires for herself. She can rest assured knowing that she has given detailed guidance and direction on what quality of life means to her. And she can rest assured in knowing she has chosen a person that will honor her wishes.

The month of March has been designated as a time to honor our women in history. I believe that every woman has a legacy and history to be told. I believe every woman can take control of the narrative and create a plan that can anticipate some of life’s trials and offer guidance on how to navigate through and around them to give her the quality of life and a narrative she deserves.