Estate Planning for Women: Why it Matters
Estate planning is an important part of any individual’s life plan, but it is especially important for women. Women face unique challenges when it comes to estate planning due to their longer life expectancy and the greater likelihood of being the primary caregiver for children and elderly family members. Therefore, estate planning for women is especially important in order to ensure that their wishes are respected and that their assets are managed properly in the event of death or incapacitation. This article will discuss why estate planning for women is so important and how it can help protect them and their families for the future.
Statistics released from StatsCan in 2019 showed that women in Canada have a life expectancy of 84 years and men have a life expectancy of 79 years. With a longer life expectancy, women tend to receive multiple inheritances, from their parents, from their spouse, and in some cases, from their grandparents or their spouse’s parents. With multiple inheritances, it is more likely that women will have more assets to distribute in their Wills. Furthermore, in the event a woman is from a blended family and outlives her spouse, any stepchildren need to be accounted for in the Will.
As of November 2022, it was reported that more than half of Canadian women provide care to children and care-dependent adults. Ensuring a guardianship is set up, with a family member or close friend to care for any children, is a far better option than leaving it to the court to make that decision. Furthermore, having an estate plan in place can allow women to leave funds to a child or children to be directed towards education or retirement, as well as any other inheritances they wish for them to receive.
Build Your Wealth with Bloom Investment Counsel, Inc.
When it comes to estate planning, ensuring women have enough wealth to leave for their children is important. For over 25 years, Bloom Investment Counsel has been helping our clients build, protect, and preserve their wealth. We specialize in investing in income-generating investments, specifically dividend-paying stocks, which can help you generate income, if needed, and growth from investing in the stock market. This income and growth could be directed towards a child’s education or inheritance or your own retirement.
If you are looking for a personal investment management service to help you generate income, get in touch with one of our team members today. Give us a call at +1-416-861-9941 or email us at firstname.lastname@example.org.
This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.