The Hidden Gender Gap in Estate Planning—and How to Close It

You have likely heard of the gender pay gap. But there is another, less-discussed disparity that also affects long-term financial security: the estate planning gender gap.

Although the two are related in some ways–earning less over a lifetime can limit investment opportunities and retirement savings–the planning gap exists for its own reasons. Women are generally less likely than men to have formal estate plans in place, even when income and asset levels are similar.

Overall, estate planning rates in the United States remain low. Fewer than one-quarter of Americans have even a basic will.1 Within those already low numbers, men are still more likely than women to have completed formal estate planning documents. This difference is influenced not only by financial factors but also by timing, priorities, and the life roles women often occupy, including caregiving responsibilities and longer life expectancy.

The good news is that this gap can be closed. Education, open conversations, and professional guidance can help women take a more proactive role in planning for their financial futures.

From the Pay Gap to the Planning Gap

The gender pay gap–defined as the average difference in earnings between men and women–has persisted for decades, even as it has narrowed in some industries and regions. Lower lifetime earnings can make it more difficult to accumulate retirement savings or build long-term financial security.

At the same time, women generally live longer than men. The average life expectancy is about 81 years for women compared with 76 years for men.2 A longer life often brings higher healthcare and long-term care expenses. Current estimates suggest that healthcare costs during retirement may average approximately $150,000 for men and $165,000 for women.3

Despite facing these financial realities, women are less likely to have an estate plan in place. This lack of planning can compound the risks associated with income disparities, longevity, and healthcare costs.

Estate planning is not only about transferring wealth after death. It is also about protecting independence, ensuring that decisions can be made if incapacity occurs, and creating a framework that supports long-term financial stability.

Strategies for Proactive Planning

Closing the estate planning gender gap involves more than simply drafting legal documents. It requires building a financial and legal framework that reflects real-life priorities and evolving responsibilities. The following strategies can help make the planning process more accessible and effective.

1. Focus on Understanding the Fundamentals

Estate planning terminology can feel overwhelming. Rather than starting with complex legal language, focus on understanding the basic purpose of key tools.

For example:

• Trusts can help protect privacy and simplify asset transfers.
• Powers of attorney allow trusted individuals to manage financial matters if you cannot.
• Healthcare directives ensure that medical decisions align with your wishes.

Understanding these fundamentals can make the planning process far more approachable.

2. Align Your Plan with Your Values

For many women, financial planning is closely tied to stability, independence, and protecting loved ones. Viewing estate planning through this lens can shift the focus from asset transfer to long-term protection.

A well-designed estate plan helps preserve independence, clarify decision-making authority, and reduce the burden on family members during difficult moments.

3. Start Conversations Early

Estate planning works best when families communicate openly about expectations and responsibilities. Conversations with partners, children, and other loved ones can clarify decision-making roles and ensure that everyone understands the broader goals of the plan.

Treating these discussions as practical family planning meetings can make them easier to approach.

4. Seek Clarity and Transparency

Estate planning strategies should be understandable. If a concept or recommendation feels overly complex, ask for clear explanations or visual summaries that illustrate how the plan will work.

The right professional advisors should be able to translate legal and financial complexity into practical, actionable guidance.

5. Review Your Plan Regularly

Estate planning is not a one-time task. It should evolve as your life changes.

Women often experience career transitions, caregiving responsibilities, or family changes that affect financial priorities. Reviewing your estate plan every three to five years (or after major life events) helps ensure that it continues to reflect your current goals and circumstances.

6. Work with Professionals Who Listen

Estate planning should feel collaborative. Seek advisors who listen carefully to your priorities and take the time to explain options clearly.

The right team will help translate complex legal and financial decisions into strategies that support your personal goals and long-term security.

Taking the First Step

Contact us today to discuss how we can help you create or update an estate plan that reflects your goals and provides lasting protection for you and your family.

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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.