It is impossible to predict the future, but there are certain steps a person can take to have legal and financial protections in place. Through wills and other estate planning documents, a person can outline wishes, plan for future medical needs and even make plans to care for loved ones. No two estate plans are the same, and women sometimes have different needs than men.
First of all, women typically live longer then men. When drafting an estate plan, a California woman may need to think about this possibility and make plans in case she lives longer than her husband. Additionally, women are more likely to end up caring for aging or sick parents. There are specific estate planning tools a person can utilize in case they find themselves in the role of caretaker one day.
A woman who remarries later in life may also want to consider specific estate planning steps to protect her financial interests. Asset protection planning and even Medicaid planning can help a woman plan for potential needs in the future, including nursing home care and much more. It is also beneficial to update and adjust existing plans after significant life changes, such as a death in the family, divorce or remarriage.
Estate planning is not always easy. Women may want to discuss their concerns and thoughts about the future with an experienced California attorney before drafting any documents or signing anything. When it comes to wills, trusts and other important planning documents, there is a lot on the line, making it important to have experienced guidance from the very beginning.