Women Control the Wealth
The American Bar Association Center for Continuing Legal education is one of the more active forums available for ongoing education for attorneys.
The ABA recently announced an upcoming event entitled,” Working with Women Clients in Estate Planning: The Difference is More Than Just Changing Pronouns
The programs descriptions states,
…Women today control more than 50% of the total personal wealth in the United States and the percentage is expected to rise in the coming decade. However, many American women have not done estate planning to protect their assets, their families, and themselves. Since most women will survive their husbands, the need for estate planning continues and often becomes more important for widows. Working with women clients requires a different approach than working with men, and estate attorneys need to understand the nuances of designing client services for this growing market…
Informal polls taken among attorneys seem to indicate that very often the woman is the driving force behind the estate planning process for the family.
Even in today’s society of two working members in many families, the wife is generally the spouse more concerned with the failure to plan.
Many women have seen friends that have to cope with the death of their spouse and the potential effect on the family with the lack of a financial plan. This is particularly true today with many second marriages with assets and children that are yours, mine and ours.
If you find yourself in the position of being the one leading the push for necessary estate planning, try to keep the process moving forward.
If you have a toothache, you have an instant need and go to the dentist right away to have it fixed.
On the other hand, the lack of an estate plan is not something that involves an instant need.
Estate planning is easy, very easy, to delay and eventually the delay becomes a failure to act and then it is too late.
Discuss an estate plan with your family, your attorney, your insurance agent, your banker and your broker.
You need to protect your children, your assets and of course, your pets.
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