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).[2] 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.[3]
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.
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 our Madison, Wisconsin Estate Planning Attorneys to start the conversation.
[1] 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.
[2] 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.
[3] 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.