One fact of life is the women have, on average, a longer lifespan than men. However, a new poll suggest that they might suffer a penalty for that longevity based on women stating they would have trouble maintaining their lifestyle if their spouse died first. In addition, more women than men indicated that they did not know the details of their spouses life insurance or had low confidence in being able to find key estate documents. Greater education about the consequences of insufficient estate planning for both spouses would help to solve this gap and should always be stressed to clients seeking estate advice. It is up to both members of the couple to ensure that they are armed with the proper knowledge to manage affairs after the death of the other. In the end, a little communication about savings, insurance, and documentation could save much heartbreak and allow the years left to the survivor to be spent with as little worry as possible.
See Quentin Fottrell, Women may be less prepared for the death of their spouse, Market Watch, August 25, 2015.
