Financial independence for women has been an uphill battle, but despite major legal strides, estate planning remains a critical gap. Too often, women are excluded from key financial decisions, leaving them vulnerable during life’s most challenging moments.
A brief history of women’s financial rights
In the 19th century, married women were legally tied to their husbands’ financial decisions, with little control over property or earnings. It wasn’t until 1900 that every U.S. state had passed legislation allowing married women to own property in their name, modeled after New York’s 1848 Married Women’s Property Act.
Progress continued, albeit slowly. In 1966, the Social Security Act Amendment granted widows the right to survivor benefits, offering a safety net for families after a spouse’s death. In 1971, Reed v. Reed set a precedent against gender discrimination in estate law, ensuring men were no longer automatically favored in inheritance disputes.
A major shift came in 1974 when the Equal Credit Opportunity Act was enacted, allowing women to apply for credit, mortgages, and estate planning tools without needing a male co-signer—finally enabling true financial independence. In 1990, updates to the Uniform Probate Code ensured daughters had equal inheritance rights as sons, eliminating lingering gender bias in probate law.
Despite these advancements, women still face financial disadvantages when it comes to estate planning.
Ongoing challenges and financial trends
Despite these advancements, many women still face challenges in estate planning. Studies show that men are more likely than women to have created a will (38% vs. 31%), highlighting a disparity in proactive estate planning. This gap can be attributed to historical exclusion from financial and legal decision-making, leading to a lack of confidence and knowledge in managing complex household finances.
Financial literacy is crucial in bridging this gap. Empowering women with knowledge about estate planning fosters independence and ensures they can make informed decisions about their assets and beneficiaries. Joint estate planning is also beneficial, allowing couples to collaboratively outline their wishes, which can prevent future legal complications and ensure that both partners' intentions are honored.
A resource for empowered estate planning
Estate planning can be a challenge, but there are solutions to empower families through the process. Empathy LifeVault™ is a comprehensive digital platform that guides users through creating and managing essential estate documents, such as wills, trusts, powers of attorney, and advance healthcare directives. Designed with user-friendly tools and resources, LifeVault empowers women and men alike to take control of their legacy planning, ensuring their wishes are clearly documented and accessible.
Estate planning is just as much about wealth as it is about empowerment. Ensuring women have a seat at the table in financial conversations is the next crucial step toward protecting families, reducing stress, and providing financial security for the long term.