The Most Common Myths About Estate Planning For Women

Estate planning isn’t easy for anyone. The need to get all of your financial ducks in a row and face your own mortality in one afternoon is enough to make every head spin. But, as is often the case in financial and legal matters, women often draw an even shorter straw here than most.
Assumptions and misunderstandings about everything from a woman’s worth to her general role have led to women being either overlooked or blatantly disregarded when it comes to crucial affairs like estate planning.
Luckily, speaking to experienced solicitors like the will writing team in the Harper Macleod Office can see any woman securing the right will for her needs. But, if you’re reluctant to make that call, it’s worth considering whether the following myths about estate planning for women might be standing in your way!
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Myth # 1 - Women Don’t Own Enough To Justify Estate Planning
The last century has seen women advocating for equalities that include legal voting rights and beyond. Yet, in 2025, there’s still an ongoing myth that women simply don’t have enough worldly possessions to justify standalone estate planning.
This harks back to when a married couple’s legal assets were entirely under the husband’s name, but times have luckily changed. Women should certainly still consider creating their own estate plan for individually owned assets that might include properties acquired before marriage, individual inheritance, and even separate bank accounts.
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Myth # 2 - There's No Gender Gap in Estate Planning
People will deny a gender gap no matter how obvious it is, and this is especially true when it comes to estate planning. Realistically, though, gender gaps are painfully evident here, because they're still painfully evident in key financial areas like wages and worth, with women paid on average 7% less than men.
Of course, you'll always get those smart alecks who say that the very fact women are paid less means that they have no real need for estate planning. But let's look at the facts. Aside from earning less, women are often more liable to face high costs in the household. The result? Women have far more need to tread carefully where their finances are concerned. And, estate planning plays a key role in that delicate balance. This is why speaking with professionals that handle wills and estates Red Deer (or elsewhere) is an essential part of getting the ball rolling to see what can be planned.

Myth # 3 - Estate Planning is the Same for Everyone
There’s also a common misconception that a blanket approach to estate planning works for everyone. But we know for a fact that this isn’t the case. As well as generally needing to handle their finances with more care, women also live an average of 3.4 years longer than men.
This complicates estate planning in numerous ways, especially considering that women often assume their partner’s estate plan at some stage. Women also often need to plan for longer retirements and healthcare requirements. All of which should feed back into a comprehensive estate plan that they can trust.
Estate planning isn’t for the faint of heart, especially if you’re female, but busting these myths can make the process at least a little easier!