Oklahoma women must consider unique estate planning situations

When it comes to preparing estate plans, there are some special considerations that have to be made. How these considerations are approached usually varies between the sexes. For women, creating an estate plan sooner rather than later can make the difference between a well-prepared plan and a tossed-together plan.

One reason for this is because women face a set of challenges that men might not face. For example, a wife is more likely to lose her husband than a husband is to lose his wife. In fact, approximately 36 percent of women who are 65 years old or older are widows. Compare that to the 12 percent of men in the same age group who are widowers, and you can easily see why women have to be concerned with getting an estate plan written.

A woman who is married has to work with her husband to determine how to set up the estate administration and plan. The goal for the situation is to determine how to protect the living spouse when one spouse dies. If the couple has children, preparing an estate plan to care for the children if one or both parents die is necessary.

For a mother who isn't married, deciding how to care for her child is the purpose of an estate plan. She has to determine the best way for her assets to be used to provide care for her children.

A single woman faces a unique estate planning challenge. She has to determine who should get her estate. This might be a family member, close friend or even a charity.

In all three situations, understanding how Oklahoma estate planning and probate work might help the woman to decide how to convey her desires. By learning the proper and legal way to complete estate plans, a woman can help her heirs to avoid costly probate issues and other issues that can lead to wasted time and money.

Source: MarketWatch, "How women can make estate planning easier" Andrea Coombes, May. 08, 2014

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