Women are more likely to outlive their male counterparts and take on the role of caregiver for an ailing loved one. And yet, most women tend to start their estate planning too late, according to the 2019 Trusts & Estates Women and Wealth survey.
Nearly 80% of the survey’s respondents reported their female clients typically start planning for long-term care (LTC) after reaching 50 years old and older, and 10% of respondents said their female clients did no LTC planning at all.
Female clients often wait for significant life events to happen, such as a divorce, to begin their financial planning. Because of their longer life spans, women should start planning sooner.