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When it comes to estate planning, it’s not a one-size-fits-all approach. And while every individual’s circumstances are unique, research shows there are some clear trends in how men and women think about and approach planning for the future. At Bascom Law, we’ve worked with a diverse range of clients and have seen firsthand how priorities can differ between men and women—especially when it comes to financial planning, long-term care, and legacy goals.
As women continue to gain financial power and take on more responsibilities as wealth decision-makers, understanding these differences isn’t just interesting—it’s essential. Estate planning should reflect who you are, what you value, and the future you want to build for yourself and your family.
Different Life Expectancies, Different Needs
Women tend to live longer than men. According to Kiplinger, women’s life expectancy averages 79.5 years compared to 73.8 years for men. This difference in longevity means that women often outlive their spouses and may end up managing finances alone later in life.
Longer life expectancy often translates to different estate planning needs. Women may need to account for more years of healthcare costs, long-term care, and maintaining financial independence later in life. They’re also more likely to take on caregiving roles, which can impact earning potential and savings over time. Estate planning strategies for women frequently emphasize protecting income streams, long-term healthcare provisions, and ensuring they have reliable powers of attorney in place.
Wealth Transfer and Control: Shifting Dynamics
Women are increasingly becoming primary financial decision-makers. Baby Boomer women, in particular, are poised to control much of the $30 trillion wealth transfer happening over the next few decades, as reported in the Wall Street Journal. Women are more likely than men to switch financial advisors, prioritize charitable giving, and focus on legacy planning with an emphasis on family needs and values.
In our experience at Bascom Law, many of our female clients are deeply involved in creating trusts that support multi-generational wealth transfer and charitable giving. They often prioritize flexibility and control in their plans, ensuring they can adjust as family needs evolve.
Men, on the other hand, frequently focus their estate plans on asset growth, investment strategy, and business succession planning. While these are important components for everyone, men may be more inclined to prioritize wealth maximization, while women often take a more holistic approach.
Closing the Confidence Gap
Despite their growing influence over family wealth, studies show that women often report lower financial confidence than men. According to the Urban Institute, women generally have less financial knowledge, which can influence their estate-planning behaviors.
But this is changing. Educational resources, financial literacy initiatives, and personalized estate planning services are helping close this gap. At Bascom Law, we make it a point to provide approachable, personalized education and guidance to ensure our clients—regardless of gender—feel confident and empowered in their decisions.
How to Build an Estate Plan That Works for You
Start by listing your assets, liabilities, and future goals. Think about your personal values and family needs—not just your net worth.
Plan for Longevity: If you’re likely to live longer or be the caregiver for aging parents or spouses, make sure your estate plan includes provisions for long-term care and income replacement.
Communicate and Collaborate: Whether you’re working with a spouse, children, or business partners, open conversations are critical. Estate planning should be a team effort, with everyone understanding their roles and responsibilities.
Work with a Trusted Advisor: An estate plan isn’t just a stack of documents. It’s a roadmap for your future and your legacy. At Bascom Law, we take the time to understand your individual needs and help you craft a comprehensive plan that works for you and your family.
Conclusion
Estate planning isn’t just about dividing assets—it’s about reflecting your life, values, and future goals. Whether you’re focused on building a legacy, securing long-term care, or ensuring your family’s financial stability, understanding how men and women approach estate planning differently can help create more thoughtful and effective plans.
At Bascom Law, we’re committed to guiding clients through the estate planning process with clarity, compassion, and expertise. Whether you’re starting fresh or updating your current plan, we’re here to help.
To learn more about how estate planning can work for you, visit BascomLaw.com or call 770-285-5493 for a free consultation.
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