In the hit 1993 film Jurassic
Park, acclaimed mathematician Dr. Ian Malcolm quips, “God creates
dinosaurs, God destroys dinosaurs, God creates man, man destroys God, man
creates dinosaurs.” His fellow scientist, Dr. Ellie Sattler famously replies,
“Dinosaurs eat man, woman inherits the earth.”
Ok, I’ll admit that gives me just a little smile. I mean,
wouldn’t it be just like a group of well-meaning, lovable guys who can think of
no better way to use their collective talents than to spend years of research
and hard work to recreate a bunch of dinosaurs, who promptly turn around and
eat them. I mean, if they really wanted to impress us women, they could just
unload the dishwasher once every couple months.
Ladies, while I’m fairly certain that the men we love so
dearly won’t disappear as dino-snacks, I’m also fairly certain that most of
them are going to die before most of us. Don’t believe me? According to an
October 2014 report from the Centers for Disease Control, the average life
expectancy of an American female is 81 years, compared to 76 years for a male.
The reasons range from the fact that men usually take more daredevil risks to
the fact that women are more proactive in caring for their health.
Whatever the reasons, if you’re a woman married to a man,
the odds are you will outlive him. This means you will end up with all the assets and need to have knowledge and
command of your financial plan.
You need to know how much cash you have and where it’s located.
You need to know what retirement accounts you have, their balances, when you
can start taking distributions, and their tax implications. You need to know
where important documents like life insurance policies are. You and your
husband need to have an estate plan with wills that detail the distribution of
assets and guardianship for minor children. You also need to make sure you have
advance directives and medical powers of attorney in place should either of
you become incapacitated and need someone to make decisions on your behalf.
Thinking about losing someone we love is not a pleasant
thought, but not thinking about it or planning for it won’t keep it from
happening. Having your financial affairs in order will make it easier to grieve
the one you’ve lost and be strong for others in your family.
Be Fabulous – Diva
