The Hidden Gender Gap in Estate Planning

You have probably heard of the gender pay gap. But there is also another common disparity:

the estate planning gender gap.

Although the two are interrelated to some extent—earning less than men puts women on an

unequal path to investment and retirement savings, and women generally spend more than men

on healthcare in retirement—the specific reasons behind the gap in estate planning deserve

their own consideration.

The overall rate of estate planning in the United States is low, with less than one-quarter of

Americans having a basic will. 1 Within those already low numbers, men are more likely than

women to have formal estate plans. This disparity is due not simply to differences in income or

asset levels but also to timing, priorities, and the roles men and women tend to occupy over the

course of their lives.

Closing the estate planning gap may be addressed at an individual level through education,

conversations, and professional guidance.

From the Pay Gap to the Planning Gap

The gender pay gap—the average difference in earnings between women and men—shows

that women typically earn less than their male counterparts for similar full-time work. While the

gap has narrowed over time and varies across groups and locations, it has persisted for

decades.

At the same time, women generally need larger nest eggs than men due to having a longer life

expectancy (81 years for women versus 76 years for men). Living longer can also result in

higher healthcare costs in retirement. Retirement healthcare cost estimates are $150,000 for

men and $165,000 for women.

Yet women are less likely than men to have an estate plan—a gap that can magnify the

financial risks created by gender disparities in earnings, savings, and longevity.

Strategies for Proactive Planning

Closing the gender gap in estate planning is about more than just drafting documents; it is about

ensuring that your financial legal structure is as resilient as your life demands. Here is how to

take command of the process.

Prioritize literacy over technicalities. Estate planning is often shrouded in highly technical

legal language that can serve as a barrier to entry. Focus first on foundational concepts: how a

trust protects privacy, how powers of attorney ensure continuity of care, and why healthcare

directives are essential for maintaining autonomy.

Danika Miller, Worst States in Which to Die Without a Will in 2025, Caring (Feb. 11, 2025),

https://www.caring.com/resources/worst-states-to-die-without-a-will-2025.

CDC: Life Expectancy Up, Mortality Down in 2023, Am. Hosp. Ass’n (Dec. 19, 2024),

https://www.aha.org/news/headline/2024-12-19-cdc-life-expectancy-mortality-down-2023.

Javier Simon, You’ll Need Way More Money Than You Think for Health Care Costs in Retirement, Money (May 16, 2022), https://money.com/healthcare-costs-retirement-fidelity-study-2022.

Align your estate plan with your values. For many women, wealth management is a tool for

stability. Form your estate plan as a protection strategy rather than just a transfer of assets. By

focusing on preserving independence and reducing the burden on loved ones during times of

uncertainty, the planning process becomes a proactive extension of your existing

responsibilities.

Initiate conversations early. Do not put off having conversations with partners and

beneficiaries to clarify decision-making roles and values. Treating these discussions as

business meetings for the family removes the emotional weight and ensures that your intentions

are documented long before they are needed.

Demand transparency and clarity. Estate planning can sometimes feel abstract. Insist on

clear projections, such as charts or summaries that outline exactly who makes decisions under

specific circumstances. If a professional cannot explain a strategy in clear, actionable terms,

they are not the right partner for your goals.

Adopt an iterative approach. An estate plan is a living document, not a static event. Given that

women often navigate complex career paths and caregiving roles, your plan should be reviewed

every three to five years. Start with the essentials, such as naming healthcare decision-makers

or organizing key documents, and introduce more complex trust or tax strategies as your assets

and life circumstances evolve.

Partner with professionals who value your perspective. Estate planning should feel open

and collaborative. Seek out financial and legal professionals who practice active listening and

respect your goals and concerns. A good advisor should act as a collaborator, translating legal

and financial complexity into strategic choices that reflect your reality.

If you are ready to talk about savings, retirement, and wealth management in a way that reflects

the modern realities of women, reach out to us to start the conversation.