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Women should not neglect estate planning

In our previous post, we discussed important estate planning considerations. With the 10-year anniversary of 9/11 upcoming, New Jersey residents are reminded that life is fleeting, and tragedy can occur at any moment.

In this post, we will expand on that idea and discuss why considering estate planning is particularly important for women. Although women have made significant and substantial strides in equality in many areas of society, unfortunately, estate planning is not one of them. 

Young moms, in particular, do not typically view estate planning as an important issue or one that they feel compelled to discuss with their husbands. As a result, many young women tend to allow their husbands to make these very important end-of-life decisions.

The following are a couple of reasons why women should take the issue of estate planning seriously and should be actively involved in creating their estate plans.

1. Lack of planning affects families with young children. If parents die without a will, the court will appoint a guardian for their children. Children may be left destitute if they are left without funds.

2. Women tend to live longer than men. Women who fail to participate in estate planning decisions are at a disadvantage when they are widowed. Taking an active role in the drafting of your own and your husband's wills can ensure that you are both on the same page regarding your children's future.

Women, young and old, can and should handle estate planning issues. Even if you think you are not financially savvy, seeking help from an experienced estate planning attorney can get you on your way to understanding the ins and outs of proper estate planning.

Source: Forbes, "The Shrinking Violets of Estate Planning," Deborah L. Jacobs, Sept. 8, 2011

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