Women Are Less Likely Than Men To Have an Estate Plan: 5 Tips To Get Started

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Men are more likely to have an estate plan in place than women, according to Trust & Will’s 2025 Estate Planning Report. The report found that 34% of men have a will compared to 29% of women, and 15% of men have a trust compared to only 9% of women. Additionally, women are more likely to have no estate planning documents at all (58% versus 50% for men). The most cited reason for lacking an estate plan is not knowing where to start.

In this “Financially Savvy Female” column, we’re chatting with Chitra Patel, CFP with Trust & Will, about the basics women need to know to build their estate plans, particularly if they’re starting from scratch.

How can women find a credible resource to help create their estate planning documents?

Women should seek out trusted professionals or reputable digital platforms that align with their needs. An estate planning attorney is ideal for customized guidance, particularly for complex situations like blended families, business ownership or special needs planning. For a more streamlined, accessible approach, online platforms like Trust & Will offer legally valid documents with built-in guidance.

When evaluating a resource, they should look for:

• Experience and credentials: An attorney should specialize in estate planning and be licensed in their state.
• Ease of use: Platforms should be straightforward and have state-specific legal compliance.
• Client reviews and recommendations: Seeking referrals from financial advisors, trusted friends or professional networks can help ensure reliability.

What assets should women focus on protecting when it comes to their estate plans?

Women should take a comprehensive inventory of their wealth, including:

• Financial assets, such as bank accounts, retirement funds, investments and life insurance policies.
• Real estate and property, including homes, rental properties, vacation homes and land.
• Digital assets like online accounts — which can include online bank or investment accounts, cryptocurrency accounts, PayPal or Venmo accounts, social media accounts, email accounts, cloud storage and more, in addition to any intellectual property and domain names.
• Business interests, including ownership stakes, succession plans and agreements.
• Personal valuables and heirlooms, such as jewelry, art, collectibles and sentimental items.

The key is ensuring a clear plan for each asset — who inherits them, how they are transferred and any tax implications.

What designations should they include in their documents when it comes to end-of-life and estate planning?

Women should designate trusted individuals to make decisions on their behalf and manage their legacy:

• Executor of the estate to ensure the will is carried out properly.
• Beneficiaries for assets, life insurance and retirement accounts.
• Guardian for minor children in case of an untimely passing.
• Healthcare proxy (or medical power of attorney) to make medical decisions if they become incapacitated.
• Financial power of attorney to manage finances if they are unable to do so.

Having these designations in place prevents legal delays and ensures their wishes are honored.

What documents do they need in place to ensure their wealth is distributed to their beneficiaries as they want?

A solid estate plan should include:

• A will to specify asset distribution and guardianship for minor children.
• A trust (if applicable) to manage assets efficiently, avoid probate and provide for beneficiaries over time.
• Beneficiary designations on retirement accounts and life insurance policies, which override a will.
• Power of attorney to allow a trusted person to handle financial matters if they become incapacitated.
• A healthcare directive (or advance directive) to outline medical wishes and appoint a healthcare decision-maker.

Regularly updating these documents ensures they reflect life changes, such as marriage, divorce and/or new children.

What estate planning essentials should they focus on now versus over the long term?

Now:

• Create or update a will; a simple will is better than none.
• Assign power of attorney and a healthcare proxy to ensure someone they trust can make critical decisions.
• Name beneficiaries on financial accounts to ensure a smooth transfer.
• Make a digital asset plan, storing passwords securely and assigning someone to manage them.

Over the long term:

• Set up a trust, if needed, for tax efficiency, asset protection or supporting heirs over time.
• Plan for business succession if they own a business, ensuring a clear transition strategy.
• Review and update estate plans regularly, ideally every few years or after major life events.

This approach keeps estate planning manageable while ensuring financial security at every stage.

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