At ReadyWhen, we believe that empowerment comes from knowledge and action. That is why we share helpful tips that can help drive better life-planning decisions. In this blog article, we explore why women should actively participate in the estate planning process and the benefits it brings.
60% of women vs 44% of men are worried about the financial challenges they’ll experience when a spouse passes away, according to a recent survey from online will platform Willful and Angus Reid Institute. This statistic makes sense when you consider that in most countries women tend to outlive men, which means they will often have to deal alone with the challenges of managing the estate of a deceased loved one. By proactively engaging in estate planning, women can have a say in critical decisions that will influence their financial well-being and legacy.
By taking an active role in estate planning now, women can prevent potential family conflicts and minimize the stress on their loved ones during emotionally challenging times. Furthermore, estate planning encompasses more than just wills and trusts. Women should also ensure they are aware of all financial accounts such as RRSPs, various properties and all pertinent information, life insurance documents, powers of attorney for healthcare and financial matters, as well as guardianship arrangements for minor children.
Driving the estate planning process also empowers women to engage in financial conversations and seek professional guidance actively. Women can gain valuable insights, explore various investment options, and develop a comprehensive plan tailored to their unique situations and needs by working with trusted advisors.
At ReadyWhen, we encourage all women to take action and embrace their role as owners of their estate planning journey. By becoming proactive planners, they can secure their financial future, protect their loved ones, and leave a lasting legacy.
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