In 1987, Congress passed a law recognizing March as Women’s History Month—a time to honor the contributions and achievements of women throughout American history in a variety of fields. Women have played a vital role in building the United States into a strong and prosperous nation. Likewise, women are often the backbones of their own families, frequently focusing on meeting the needs of others rather than their own.
However, it's important for women to take care of themselves through financial and estate planning designed to provide for their own future needs, which may differ from those of their male family members, as well as family members who may be dependent on them. At Ruggiero Law Offices, our estate planning lawyers want to make sure you have every advantage.
Estate Planning Considerations for Women
Regardless of your profession or family structure, a customized estate plan is a vital tool for your well-being and peace of mind. When you consult with us, we outline some of the following key aspects to keep in mind.
Longer Life Expectancies
According to Social Security Administration data for 2025, women had an average life expectancy of 81.6 years compared to 76.6 years for men. As a result, it's important for women to create an estate plan that accounts for additional years of living expenses during retirement, health care costs, and possibly long-term care costs.
As women age, they may become incapacitated and need someone to make financial and health care decisions on their behalf. Documents such as financial and health care powers of attorney and living wills authorize a person they trust to make decisions or take action for them if they're not able to act for themselves.
Some women may not only own their own assets but also inherit wealth from both their parents and a spouse who dies before them, and if so, they need a financial and estate plan to optimally preserve and transfer this wealth. Because women may outlive their spouses, they also may be responsible for administering their spouse’s estate or becoming the sole surviving trustee of a joint trust.
These duties may be difficult for a woman who is experiencing health issues that often occur at an advanced age, and this possibility should be addressed in their estate planning. For example, a woman concerned that she will be unable to handle administering her trust at an advanced age can name a co-trustee or successor trustee to administer it if she is no longer able to do so.
Lower Earnings
According to U.S. Census Bureau data released in 2024, men continue to earn more than women—one dollar compared to 83 cents, to be exact. The pay gap widens as women age. In addition, because some women have shorter employment histories due to time off to raise children or care for aging parents, they may have less savings for retirement.
As a result, it's important for women to take steps to protect their money and property from lawsuits or creditors’ claims. For example, a woman could transfer her money and property to an irrevocable trust. Because she's no longer the legal owner of the property, a creditor cannot reach it to satisfy claims against her so long as the trust is properly drafted to include appropriate distribution standards and administrative and other provisions. The woman may be a discretionary beneficiary of the trust, and the trustee may distribute the funds she needs for living expenses.
Additionally, because women traditionally have less money and property during retirement, they need to have a solid plan in place to make sure that they're able to financially provide for their loved ones upon their death and that unnecessary costs and expenses are minimized to the extent possible.
Care for Loved Ones
Many women are caregivers for minor children, adult children with special needs, or aging parents. As a result, they're often concerned about who will care for their loved ones if they're no longer able to do so. If a spouse or sibling isn't available to provide care, they need to make sure that another family member or trusted individual can be the caregiver or guardian for their loved one. The same individual—or someone else—can serve as the guardian or conservator of the loved one’s estate to manage the inheritance for their benefit.
If no family member is able to take on the responsibility of caring for a child with special needs, a group home or assisted living facility may be the best choice. A special needs trust may be necessary to ensure that funds are available for the child’s care, but that doesn't decrease the amount of government benefits they're eligible to receive.
Ruggiero Law Offices Can Help You Plan Ahead
You've accomplished a lot in your life! Celebrate your accomplishments and contributions by contacting us to set up an appointment to create an estate plan that provides for your own future needs and those of the people you love. You deserve the peace of mind that comes with knowing your future is secure.