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Women have unique estate planning needs

In nearly every area, men and women are achieving equality. However, when it comes to longevity, women still tend to live longer than men. Therefore, when it comes to estate planning, women in the Washington, DC metro may have additional concerns.

Surviving their husbands means that women's estates will most likely be going to her children and grandchildren. Even if a woman remarries, she may still want to structure her estate plan to provide for children and grandchildren from a prior relationship. This is where a prenuptial agreement serves double duty as a tool in case of divorce and an estate planning document.

There is also a greater likelihood that personal items will be distributed upon a woman's death. It is even more likely that certain items will hold sentimental value for her relatives. Therefore, making up a separate list of personal items and to whom they are bequeathed may be able to keep people from arguing over the items later. The list will need to be referenced in the will and kept in a safe place. Items can be added or removed without a need to change the will.

A woman's estate planning can also provide for her husband just in case she should predecease him in spite of the statistics. Once a Washington, DC woman has made all of the decisions regarding her estate plan, it can be documented. The whole family can rest assured that arrangements are made to ensure that the woman's wishes will be carried out, and her descendants will be taken care of regardless of whether she remarries.

Source: bizjournals.com, "10 key strategies for women doing estate planning", Lisa Schneider, June 12, 2015

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