There are over 2 million homes across the United States that are headed by a single woman who makes more than $100,000 in a year. Whether these women are widowed, divorced or never got married, one thing they can benefit from is the insight of an experienced estate and financial planning advisor.
The most important considerations for a single woman with significant income are in finding professional advisors that understand the impact of all of their financial decisions. Many women in this situation have reasonable concerns that they will outlive their savings and will be unable to maintain their lifestyles.
This is because women tend to live longer than men, and women who do not have any beneficiaries or spouses to pass on assets to will also be curious about how to best protect the wealth they have spent their lifetime building, whether it’s to give to charity or family beneficiaries.
Single women tend to be conservative with their investment decisions and often require clear explanation about the situations that might involve some degree of risk. This perspective on risk can also be helpful in generating an estate plan.
The prospect of outliving money and not leaving behind any assets for loved ones is a chief one for many women. This can often be addressed with additional estate planning and financial planning conversations, particularly as it relates to establishing tools such as a trust or a life insurance policy to ensure that loved ones receive the benefit of your advanced work and planning.
The support of a lawyer will answer many of the most common questions surrounding the estate planning process and give you further peace of mind and clarity about how it all works.