Women need to improve their estate planning

Women need to be more conscientious in their estate planning, regardless of their age, as they both live longer than men and are more likely to be in a weaker financial position as they age, Australian Unity Trustees has warned.

While estate planning was important for both men and women, International Women’s Day is a timely reminder that badly handed estate planning would most likely impact women more, said Anna Hacker, wills and estates accredited specialist at Australian Unity Trustees.

“Statistically, women tend to outlive their male partners and will therefore find themselves in the position of having to deal with join bank accounts, superannuation death benefits, life insurance lunch sums, and so on, on their own, and usually at a time when they are most emotionally vulnerable.”

Hacker cautioned that this could lead to elder abuse.

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She said that a well-prepared estate plan, developed when involved parties are fit and healthy, was the best way of avoiding these situations. Such a plan should include documentation of all assets and their ownership.

Estate planning is not only for older women though, and young people should also be conscious of its importance.

“Many young, single women don’t believe they need a will – they think they are too young, or they don’t have any assets,” Hacker said. “But anyone who has superannuation, holds an asset, including the life insurance policy within the superannuation which could be worth hundreds of thousands.”