Estate planning can sound intimidating. But this type of planning “is about taking control of your future — and your family’s — by deciding what happens to your money, property and personal wishes after you’re gone or if you’re ever unable to make decisions yourself,” explains Stephanie A. Thompson, attorney and owner of Krueger Hernandez & Thompson SC. “Think of it as planning not just for what you leave behind, but how you want to be remembered and how you want to care for those you love.”
Thompson shares why it’s especially important for women to think about legacy — not just money or possessions — when planning for the future.
Women Tend to Outlive Men
In heterosexual couples, on average, women live longer than men. That means a woman is more likely to:
- Be the final decision-maker for her family’s estate
- Outlive her spouse and manage or inherit his estate
- Need long-term care and make her own late-in-life decisions
Legacy planning puts a woman in control of how that chapter unfolds.
We Are Often the Heart of the Family
Women frequently serve as “the emotional anchor, the memory keeper and the caregiver for children and aging parents,” explains Thompson. “Your legacy carries not just wealth, but values, traditions, stories and emotional connections that hold families together. Planning your legacy is a way to protect and pass on what truly matters.”
It’s About Protecting Our Wealth
As Thompson points out, more women are earning their own income, owning businesses, managing household finances and building wealth independently. “You have assets, influence and impact — and that deserves to be preserved and directed on your terms. Legacy planning ensures your wealth reflects your priorities, whether that’s family, faith, education or charitable causes,” she says.
The Gender Savings Gap is Real
More often than men, women take career breaks to raise children or care for relatives. This may equate to earning less over a lifetime and accumulating less in retirement accounts. Because of these factors, women often need to plan more carefully to make their resources last.
“Legacy planning can help make sure every dollar, asset and intention has lasting power,” says Thompson.
A Final Tip: How to Discuss Legacy Planning
Estate and legacy planning can feel heavy — but it doesn’t have to be. These conversations can strengthen family bonds and bring a sense of peace and connection.
“Start with the ‘why,’ and begin by sharing your intentions, rather than the details,” suggests Thompson.
“Start small, and soften the tone. Don’t feel like you need to cover everything at once. Make it a family value. Bring up estate and legacy planning as part of a larger family conversation.”
Krueger Hernandez & Thompson SC
608.824.9540 | khtlawyers.com
7601 University Ave., Ste. 201, Middleton, WI
