It's been all over the news: More American women are living without a husband than with one, according to a New York Times analysis of census results. Women are marrying later and living longer as widows and divorced persons. Additionally, since divorce is on the rise, more women are entering into second and third marriages.
But even if you are in a happy marriage, your estate plan is just that: yours. Even though many couples coordinate an estate plan, it is important for your plan to reflect your wishes and for you to understand it. And, since you are likely to live longer than your husband, you'll probably be the one managing most of the assets.
Your estate plan can do more than dispose of your property; it can be used to:
- Pay tribute to family or friends with a memorial scholarship or donation
- Make special plans for personal property such as collectibles or jewelry
- Provide for children from a prior marriage
- Name a guardian for your children
- Decide who carries on your business
Most importantly, your estate plan should reflect your desires, and fully meet your individual needs and goals.
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