Not Just for the Wealthy: Why Every Woman Needs an Estate Plan

For many women, especially after a major life transition like divorce or retirement, estate planning can feel like something that's only reserved for the ultra-wealthy. The term itself—estate—conjures images of sprawling mansions and offshore bank accounts.

But here’s the truth: estate planning isn’t about how much money you have—it’s about protecting what matters most to you.

Whether you’re managing a modest portfolio, running a business, or starting fresh after a divorce, having a plan in place ensures that your wishes are honored and your loved ones are cared for. It’s about clarity, control, and peace of mind.

Do I Really Need an Estate Plan?

If you’ve ever asked yourself, “Do I need an estate plan?”, you’re not alone.

Many women delay this process because they assume it’s only necessary for people with significant wealth. But estate planning is about more than just distributing assets—it’s a comprehensive strategy that covers everything from healthcare decisions to guardianship for minor children to avoiding unnecessary court involvement.

Here are a few key reasons why every woman—regardless of net worth—needs an estate plan:

1. To Ensure Your Wishes Are Respected

Without a legally binding estate plan, state laws determine what happens to your property, your financial accounts, and even your healthcare decisions if you become incapacitated. This can lead to outcomes that may not align with your values or intentions.

2. To Protect Loved Ones—Including Children and Aging Parents

An estate plan can name guardians for minor children, outline caregiving preferences, and allocate resources to support your family. It’s also an opportunity to set up trusts or protections for your aging parents or adult children with special needs.

3. To Make Divorce Transitions Smoother

Estate planning after divorce is especially critical. A divorce often changes your financial landscape—and your intentions.

You may no longer want your former spouse listed as a beneficiary or healthcare proxy. Updating your estate planning documents (or putting them in place if you didn't do so while married) and beneficiary designations ensures that your current wishes are reflected. It also prevents future legal complications or emotional strain for your family.

4. To Minimize Taxes and Legal Costs

A thoughtful estate plan can reduce the taxes your estate may owe and help your heirs avoid lengthy probate proceedings. Even modest estates can benefit from strategic planning

that keeps more of your money where it belongs: with the people and causes you care about.

Estate Planning Is an Act of Empowerment

At Life Story Financial, I believe that estate planning is not just about preparing for the end of life—it’s about living with intention today.

Women, in particular, face unique financial and caregiving roles. Many of us are balancing support for children, aging parents, and our own future security. An estate plan gives you a roadmap for these responsibilities and empowers you to lead with confidence.

And if you're navigating life after divorce, know that this is a perfect time to reevaluate your financial picture and take back control.

Getting Started: What Every Estate Plan Should Include

While every situation is unique, a basic estate plan should typically include:

• A will to specify how your assets should be distributed.

• A durable power of attorney stating who can make financial decisions on your behalf,

• A medical power of attorney or healthcare proxy and HIPAA authorization stating who can make medical decisions on your behalf.

• An advanced medical directive that states the healthcare decisions that you would or wouldn't want to have made on your behalf.

• Beneficiary designations on your retirement accounts and insurance policies.

• Possibly a trust, depending on your goals, age and abilities of your children and family dynamics.

These documents don’t need to be complex or expensive. What’s more important is that they are thoughtfully tailored to your life, your values, and your goals.

Estate Planning Isn't a Luxury—It's a Necessity

Don’t let outdated beliefs keep you from protecting your future. Estate planning is one of the most powerful tools available to ensure that your voice is heard and your legacy is honored—no matter your income or stage of life.

If you're asking, “Do I need an estate plan?” - the answer is certainly yes.

And you don’t have to navigate this alone. A financial advisor who understands your goals, especially one experienced in helping women through transitions like divorce and retirement, can help you build a plan that reflects your life story.

To learn what it's like to work with a financial advisor you can book a free call with Life Story Financial. 

For more personal finance tips, download my free ebook series that covers debt management, growing your income to save more, investing wisely and retirement planning.