Securing Her Legacy: Tailored Estate Planning Strategies for Women

We believe estate planning is essential for everyone regardless of age, wealth, or gender – but it may be even more important for women as they encounter unique circumstances. Everyone knows women still have to fight for equality in many aspects but did you know that this is true when it comes to estate planning, too? Considering 94% of women believe they’ll be entirely responsible for their finances at some point in their lives, it is a priority for women to properly plan for their futures. 

In the US, women are expected to live 5 years longer than men while earning 82 cents on the man’s dollar on average, meaning women need to plan for longer retirement on less money. This leads to financial difficulties for aging women as they are 80% more likely than men to be significantly impoverished by age 65, a percentage that only goes up as they age. Further, widowed women are twice as likely to experience poverty than their male counterparts. 

While women are increasingly represented in the workforce, they continue to face caretaking pressures both in terms of caring for children and aging parents, making it even harder for them to save and accumulate wealth throughout their working years. Women are more likely to take unpaid time off of work than men and 61% of caregivers for aging parents are women. 

Women are also more prone to negative feelings of financial pressure than men and report experiencing high levels of stress related to finances. In fact 36% of women say they have daily worries concerning their financial wellness and 49% of them admit that their mental health has been impacted by financial stress. 

In spite of women facing these challenges, they continue to be leaders in charitable donations and are projected to hold nearly 67% of the US wealth by 2030. That means that securing their assets could leave a lasting, positive impact on the nation.

Know Your Assets and How to Protect Them 

Estate planning starts with knowing what you own and learning how to protect it during your life before ensuring the proper transfer of wealth to chosen beneficiaries. Taking a clear inventory of your financial assets, such as checking and savings accounts, investment accounts, and retirement accounts, as well as physical property such as cars and houses is a great first step to securing your estate. 

Beyond the Basics: Creating a Comprehensive Estate Plan 

A solid estate plan goes beyond the foundational documents such as Wills and Trusts, and includes directives such as Power of Attorneys, Health Care Directives, and more. 

Health Care Directive

Considering women outlive men, it is important they create a Health Care Directive to ensure their loved ones know how to honor their wishes. 

Power of Attorney

As discussed, women are set to own more than two thirds of the national wealth by 2028 which is why it is important that they secure their finances by naming an agent to help them manage their finances should anything happen to them. 

Funeral Directive

A Funeral Directive is a document that allows the creator to indicate their wishes for how their funeral should unfold. Although not legally necessary, creating a Funeral Directive can mean the difference between your family arguing over what to do and them resting assured they know exactly what you would have wanted. 

Remember that while your estate plan helps you protect your loved ones, it is also meant to protect you and record your wishes. 

Reviewing Your Estate Plan Often

A key part of estate planning is staying on top of it. This is why experts recommend updating your plan every 3-5 years or whenever a major life moment occurs. These include marriage, having children, acquiring significant additional assets such as cars and homes, starting or selling a business, and much more. 

We hope this article can help you grasp the importance of creating an estate plan as a woman while giving you that extra push you need to get started. Click here to start your plan today and get peace of mind knowing you and your loved ones are safe.