Estate Planning Is Essential for Women

 

Estate planning is especially salient for women, who typically live more than 5 years longer than men in the United States.¹ For many women, odds are you will outlive your spouse. Additionally, women are traditionally more involved in family caregiving, whether that means caring for elderly relatives, disabled relatives or children. Should you be gone, a strong plan for continued care should be in place.

 

All this argues for careful planning and your involvement in the creation of an estate plan for your family. If you don’t develop a plan yourself, one will be created for you through probate. In other words, without action from you, the courts will use the prevailing laws in your state to sort your affairs in a public process that you’ll have no control over.

 

Despite the consequences, many Americans put off estate planning. According to a 2025 study, only 24% of American adults have a Will.² This shockingly low number speaks to the powerful emotions involved when planning for your passing. But avoidance is no solution: that’s why we encourage you to work with your Wealth Advisor and Estate Lawyer on developing your plan.

 

Below, we cover some of the basics, including four core documents many people have as part of their estate plan, as well as some other factors to consider when developing your plan. The following should be seen as a conversation starter for you, your family, your Wealth Advisor and your legal team. It should not be considered legal advice. 

Financial Power of Attorney

This document states who makes financial decisions for you if you are incapacitated or otherwise unable to make these decisions on your own. The person designated does not need to be a lawyer and is typically a close, trusted relative, often your spouse. Best practice is to name a backup as well; it’s not uncommon for your first choice to be unable to perform the duties, especially if they are your age or older. It’s also a good idea to regularly review who you have listed, to be sure you’re still happy with your choice—and to confirm the person is still capable of performing the duties. Lastly, talk to the people you name about your selection and get their blessing—you don’t want anyone to be surprised with this responsibility.

Healthcare Directive

Depending on the state you live in, this document may include a Living Will, Medical Directive or a Medical Power of Attorney. The idea is that should you be incapacitated and important medical decisions need to be made about your care, you have a trusted individual making those decisions and advocating on your behalf. As with the Financial Power of Attorney, you want someone who is trusted and of sound mind. Review your selection regularly and be sure to talk to the person before naming them.

 

If you have strong feelings about what decisions should be made—what happens when you’re on life support, for example—you may want to lay out these wishes in writing in this document. That will give clear guidance to the person you’ve named, as well as to your healthcare providers. This document should also include a HIPAA Release Clause, so that the person you name has access to your medical records and information; in some states the HIPPA Release Clause may be a separate document altogether.

Will

A Will directs how you would like to distribute your assets upon your death. It also allows you to designate a guardian or guardians for your minor children, should that be necessary. If you do name guardians for your children, make sure you first talk to those you name, and review your selection regularly.

 

A well-written Will should streamline the probate process. However, a Will is a public document and is accessible to anyone. Since it can be contested and made public, many people choose to supplement their Will with a Revocable Trust, also known as a Living Trust. This is especially the case for those who have complex assets.

Revocable Trust

As an entity that can own property, a Revocable Trust is typically used during your lifetime to manage your assets. (Often, if you are in good health, you are the trustee.) It works in tandem with your Will, which specifies what happens to assets listed in your name only after you pass away.

 

Crucially, if your assets are in a revocable trust, they are not in your name, even though you maintain control over them and are likely the trustee. As a result, the assets and decisions made in the trust are not subject to the probate process upon your death. If you have a Pour Over Will, you can specify that all your remaining assets go into your trust upon your death; however, be aware that assets outside of your trust prior to you passing will still go through the public court process.

 

While it is a more complex legal document, when you set up a trust, you gain several advantages: you avoid a lengthy probate process, your assets are no longer a matter of public record, and you get to name a successor trustee who is in charge of the distribution and management of your assets. Trusts are also much more difficult to contest than a Will. And, if you choose, you can give some measure of control over your asset distribution to your beneficiaries. 

 

There is also the possibility of tax advantages. While a typical Revocable Trust is the most common option, there are many different types of trusts, often that can be tailored toward specific needs, such as caring for a disabled adult child, passing on a family business in a tax-advantageous manner, or setting up a charitable legacy. Talk with your Wealth Advisor and legal team about your situation and what’s right for you.

Additional Considerations

While we’ve covered the four documents that form the core to most people’s estate plans, there’s plenty more to think about.

 

Multiple Marriages. Especially if you have children from two or more marriages, who receives what can be tricky. It’s not a question you want to leave up to the courts. Think carefully about your obligations and desires for each of your families, past and present, and how you’d like to work with your Wealth Advisor and legal team on enacting those wishes.

 

Digital Estate Planning. Our digital lives are growing increasingly more important. You should specifically name a digital executor of your estate. This way, your digital life is not shut off or inaccessible to your descendants. Additionally, if the people who manage your assets after you are gone do not have access to the passwords for your online accounts, this can create headaches. Consider safely storing key passwords (in a separate place from usernames) in a way that gives these people access to them in case of an emergency.

 

Guardianship vs Trustee. If you have minor children, understanding the difference between these two designations is important. The guardian of your children is the person (or persons) who watches them on a daily basis. For example, takes them to school, buys them clothes, figures out what they have for dinner. They take on the role of surrogate parent. In contrast, the trustee is in charge of bigger picture financial matters, such as distributing money to pay for college or managing investments until a child is mature enough to do it for themselves. The guardian and trustee could be the same person, but by no means need they be. Ideally, if they are different people, they work well together and understand and share your goals for your children. 

 

Life Insurance. This could be a key part of your estate planning. For example, if you’re a younger parent and you have small children, you may not be comfortable with the level of assets you could leave for their care should you pass away unexpectedly. In that instance, term life insurance could supplement what you leave, providing you with peace of mind and more resources, should your children need them. But this is just one example. Talk with your Wealth Advisor about life insurance options that may make sense for you. 

 

If You Own a Business. This is its own consideration. You should always have a succession plan in place for your business and coordinate your business succession documents with your estate plan. If you have a business, talk with your Wealth Advisor, legal team and business partners about how to manage your business and personal legacy goals.

An Estate Plan Benefits You

A formalized estate plan allows you to name a guardian for your minor children, likely reduces your estate taxes and could help you avoid probate. In short, a well-conceived estate plan protects your assets and beneficiaries, which makes things easier for your family.

 

While it’s easy to procrastinate simply because of the nature of the task, we encourage you to begin planning; you owe it to yourself and your family. If you’re ready to get started, talk with a Wealth Advisor today.

 

 

¹ National Center for Health Statistics, Center for Disease Control. Life Expectancy chart, accessed on January 20, 2026. Available at https://www.cdc.gov/nchs/fastats/life-expectancy.htm

² “2025 Wills and Estate Planning Study,” by Victoria Lurie. Published by Caring.com on September 17, 2025. Available at https://www.caring.com/resources/wills-survey