Widowhood is inevitable for most women in the United States. Women are four times more likely to outlive their men. And they live on average another 10 years. But many are unprepared for the change.
New widows are faced with a host of financial decisions, according to a story in Forbes.
http://gty.im/151150564
And because they may be vulnerable following the death of a spouse, they often make important decisions based on emotion not logic, or don’t make the decisions at all, the story says.
To avoid problems, married women should identify someone before their spouse dies that they can trust to guide them through the transition, the article says.
That person should be a financial advisor or estate planning attorney, it says.
And women should in advance familiarize themselves with the types of decisions they are going to have to make as widows, including:
- Managing proceeds from life insurance.
- Managing retirement account funds.
- Taking Social Security.
- Updating estate planning documents.
The story’s bottom line: it is never to early to be in a position to be able to handle changes when they occur.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
