Why is estate planning for women any different for men? Good question!
Planning the transfer of anything you own (otherwise known as your ‘estate’) is a way to build and control a lasting legacy. Your legacy is what you leave behind, and women face all kinds of additional challenges when it comes to estate planning – from the gender pay gap, to more years spent being a primary caregiver to dependents, and even longer life expectancy. Planning the transfer of your wealth will ensure that your assets are distributed as you want and your wishes are fulfilled, protecting the future generation and preserving your legacy.
Create your will with Waseeya and learn how to store all your important documents securely.
Why is estate planning important for women?
Women live longer…
On average, compared to men, women live up to six to eight years longer than men. Women are more likely to be the last ones standing, outliving their partner and so end up making the final decision on assets and estate distribution. When it comes to having financial freedom and security, estate planning can empower your retirement and beyond for you and your loved ones.
There’s this little thing called the gender pay gap
As painful as the truth may be, women still earn less than men on average for doing the same job in the same hours. If we take into account that women tend to be the primary carers for children or elderly parents, they have fewer years working and therefore less time to save. It’s hard to hear but true, women earn less than men over their lifetime. How do we combat this? (Well, not fully but it’s a step in the right direction!) Plan, plan, plan for retirement and protect your estate.
Women are custodians
Again, we’re talking averages here, but women are most likely to be the ones caring for loved ones. It’s vital to plan for what will happen and who will continue to care for your loved ones in the event of your passing.
Women have a legacy to protect
If women are more likely to live longer, they’ll be the ones to have the final say on will distribution. Want to leave money to a charitable trust? Want to dictate who will look after your dependents? Want to leave a lump sum to a friend? Writing your own will protects all these decisions.
Women are business owners
In 2020, 32.37% of UK businesses were owned by women. Protecting these businesses means planning for what will happen in the event of your passing, and who will take over this legacy.
Women are in a remarkable position to be able to plan their estate, for financial freedom, personal protection and for the protection of their loved ones. Education means empowerment, and the first step in planning your estate is finding out how to do it.
The transfer of your home, wealth and personal affairs doesn’t have to be painful. Waseeya lets you plan and store securely everything you need to manage how your estate will be distributed. What’s more, you can record and store special messages in the Time Capsule to be sent to your loved ones at a time of your choosing. So, when they receive the gift of your legacy, you can add your own words to make it that much more personal.