Why Estate Planning Is Especially Important for Women

I love perfect timing!  I read through a recent blog post by Danielle G. Van Ess, a colleague of mine and fellow Wealth Counsel member, that fit right in with my ongoing blog series introducing estate planning.  I started the series by looking at how critically important estate planning is for various family types and situations such as parents with minor children and professionals.

Well, Ms. Van Ess recently wrote a blog post on how vital estate planning is for women (read it here) based on a Forbes.com article.  I strongly encourage you to read her post and the Forbes article – the information is too vital to pass up.  Although Massachusetts and Michigan laws may differ, many of the concepts mentioned in the articles are the same.

I won’t rehash the post or article here, however I do have a couple of thoughts to share:

• The importance of adequate life insurance on BOTH parents cannot be overstated.  The vast majority of families  I meet with are under insured by any measure.  And I typically find that mom is more likely than dad to be under insured.  Ms. Van Ess points out the importance of life insurance for stay at home moms.  Just think dad – if something happens to mom, you are doing to have to stay home with the kids, hire in-home help or pay for daycare.  How would that financial change affect YOUR family?  Talk to your life insurance agent or financial adviser to make sure you are adequately insured.  If you would like suggestions on who to contact, just let me know.
• Don’t underestimate your importance in putting a plan in place for your family.  I can count on one hand the number of times we’re contacted about estate planning by dad.  It is almost always mom.  You play a vital role as the key decision maker for planning.  Make sure the decision of how you plan and who you work with is the best for your family.

Do you have stories to share about the importance of the estate planning for you and your family?  For your mom, sister, aunt or friend?  Please share.  I always enjoy hearing about others’ experiences.

Michael Lichterman is an attorney specializing in estate planning and helping provide peace of mind to families and businesses throughout Grand Rapids and West Michigan.  He specializes in “whole family wealth” planning for professionals with minor children, doctors, nurses, lawyers, and the “sandwich generation” (caring for parents and children) – and does so from a Christian perspective.  He takes the “counselor” part of attorney and counselor at law very seriously, and enjoys creating life long relationships with his clients – many of which have become great friends.