The Importance of Estate Planning for Women

National Advisors Trust recently cited research stating that 85% of women influence or make philanthropy-related decisions and are more likely to spread giving across multiple organizations.  However, according to Trust & Will’s 2025 annual report, about 58% of women in the U.S. still do not have any estate planning documents, or those they have are inadequate (versus 50% for men).

Trust & Will’s 2025 report found that 34% of men have a will compared to 29% of women, and 15% of men have a trust compared to only 9% of women, underscoring a real need.

Women often juggle multiple roles — executive, mentor, volunteer and caregiver.  Women are also starting businesses at record rates and increasingly holding senior leadership roles.  Many delay estate planning because they’re busy managing many competing priorities that need their time and attention.  Many others say they don’t know where to start.  Yet estate planning for women is extremely important.

While estate planning is never one-size-fits-all, women often require a more tailored approach given the following:

Earnings & Wealth Building: Although almost half of women are now primary household earners, full-time working women can still earn less than men. Increased financial responsibilities paired with lower potential lifetime earnings make intentional estate planning essential.

Longevity/Financial Independence: Women typically live longer than their spouses (often 5 years or more), increasing the need to plan for extended retirements, health and long-term care costs, and shifts in financial and legal responsibilities.

Caregiving Roles: Women are more likely to step away from work to care for children, aging parents (or both) which can create lasting financial strain.  So women need to structure their affairs to protect their own financial stability while providing for children or aging parents. This includes appointing guardians for minor children and creating care plans for themselves; a well-structured plan helps protect both caregivers and dependents.

Entrepreneurship and Asset Protection: With a rising number of women business owners, specialized planning is required for business succession, tax minimization, and asset protection.

Help Minimize Family Conflict:  Women sometimes unintentionally create family conflict because they do not address specific issues, give conflicting messages that create misunderstandings or just assume everything will work out without formal planning. 

Controlling Legacy and Wealth Transfer: Women are expected to inherit about 70% of the $124 trillion in projected wealth transfer by 2045. Estate planning allows women to manage this wealth transfer, ensuring assets go to intended heirs rather than leaving them to court decisions.  As women inherit and control more wealth, strategic planning (often using trusts) can help protect assets, reduce taxes, and support future generations and favored charities alike. 

In summary, women should be proactive as a thoughtful estate plan (that is kept up to date) can help protect your assets, bring clarity to your family, plan for incapacity, support the causes you care about, and pass on your wealth to the next generation in amounts and ways that you may wish to control.  If you die without a will (known as dying intestate), state probate court will decide how to distribute your property, who will care for minor children and, if applicable, how your business assets and ownership are transferred.  Furthermore, probate court will never make any charitable gifts to the charities that you may have wanted to remember and support.  

This is intended as general information only.  Meet with your professional advisors for further information pertaining to your specific needs/options.  (Reference source:  https://www.thewealthadvisor.com/article/national-advisors-trust-estate-trust-planning-women-leaders-entrepreneurs)