The loss of a spouse creates different considerations for women than men as women are more likely to face financial challenges, according to a recent study. Here are some tips for addressing planning issues with recent widows.
Although both widows and widowers face estate planning challenges after a spouse passes away, studies show that single women are more likely to have financial difficulties than single men. This means that a widow's estate plan generally needs to be more flexible than a man's just in case the widow does experience financial issues in the future.
While estate planning for widows is often difficult, it is not impossible.
Recently, the Wills, Trusts & Estates Prof Blog published a list of planning tips for widows in an article titled "Planning Tips For Widows."
The list includes:
- Wait at least six months after a widow's spouse passes away to allow proper time for mourning.
- Financial accounts should be easy to access and flexible.
- Immediate needs should be addressed before any financial or estate planning.
- Do not be afraid to seek professional services such as counseling if needed.
If any widows need help reevaluating their estate plans, they should seek the counsel of an experienced attorney.