Estate Planning Advice for Women
Whether you are a single, married, divorced or widowed woman, this is for you. Special guest, Lynn Michael, a local attorney, shares estate planning advice for advice for women on getting their personal business in order.
“I really like hearing everyone’s stories, because it seems to me that everybody’s got kind of the same fears and the same desires,” said Lynn. “And regardless of where they come from, they want the same outcome. They want what’s best for themselves and for their families. And I get to help people do that every single day.”
Women tend to live longer than men – 81 years on average to men’s 76 years, according to Time magazine – so it’s important for women to be confident and knowledgeable in their family’s finances and other business.
“If they don’t have an estate plan of their own, the government is going to come up with one for them,” said Lynn.
Oftentimes, men tend to handle the family’s finances and be more vocal in estate planning meetings, so Lynn encourages women to speak up and participate more.
“Stand up and say, ‘I don’t understand,’ or ‘I’d like to understand.’ It doesn’t show weakness. It shows you are wise and smart and powerful,” she said.
In this episode, Lynn explains what documents and accounts women need to know about and how to make sure they are listed on the accounts. She also shares what things remarried women need to think about and how to share assets with children and
make sure they are protected.
Listen to the full episode or use the timestamps below to jump to a specific segment.
0:49 – Meet Lynn Michael
3:12 – Hear about her law practice
4:09 – What she likes about estate planning
5:49 –Why women need an estate plan
6:48 – What makes a successful estate plan
8:04 – Estate plans for married couples
9:12 – Are women vocal in meetings?
10:44 – How husbands can encourage wives to be more vocal
13:16 – Advice for recently widowed or those with an elderly spouse
18:32 – What to think about after remarriage
20:55 – How to pass assets to children