What Does the Great Wealth Transfer Mean for Women and Estate Planning?
Updated: Mar 17, 2020
Every person can benefit from estate planning, but studies show that a big transfer of wealth will happen in the coming decades as the baby boomer generation gets older.
Women already live longer than men, but with $30 million in wealth transfer expected in the next 40 years, many women could be in line to inherit many assets from parents or spouses.
Research shows, however, that many women don’t have their own wealth transfer plan set up. When the stakes are so high, engaging the services of a professional estate planning attorney helps to bridge that gap. Creating a customized estate plan empowers women, whether single, married, or divorced.
One RBC study found that women are the key decisionmakers when it comes to informing their children about money and issues related to family wealth. Taking a collaborative approach with the support of a Michigan estate planning attorney helps women make a plan for their own future. Even if an estate and retirement plan has been made in conjunction with a spouse, a woman might have to prepare for her own support decades in the future.
At a minimum, an estate plan should include:
· A will based on your asset inventory
· Power of attorney documents for healthcare
· Power of attorney documents for finance
To learn more about how to customize your estate plan to protect yourself and your beneficiaries, set up a time to speak with a Michigan estate planning lawyer.