Women are increasingly becoming the managers of their family wealth and estate plans.
With the generational wealth transfer well underway, 84% of women now have full or joint responsibility for overseeing their family’s wealth portfolio. Yet many are stepping into that role with priorities, concerns and realities that traditional estate planning frameworks weren’t designed to address.
For decades, estate planning has been framed as an exercise in administration – drafting wills, preparing powers of attorney and structuring tax minimization strategies. But this is only one part of the equation.
Today, many women are looking for strategies that will help them navigate longer life expectancies, second marriages, blended families, business ownership and values-driven financial goals – factors traditional estate planning often overlooks.
“Traditional estate planning doesn’t always reflect the realities many women are living today,” says Genus Portfolio Manager Sue Talbot. “Women are managing, inheriting and directing wealth differently than past generations, yet the guidance hasn’t always evolved at the same pace.”
To help more women get the guidance they need, Talbot has assembled a panel of wealth management, legal and tax experts for a webinar on Women, Wealth & Legacy: Why Estate Planning Looks Different.
“I’ve had many clients share that they’re unsure where to begin – and even unsure about what questions they should be asking,” Talbot says. “That’s what inspired me to create this conversation and provide clearer guidance around such an important part of life planning.”
Together with estate planning lawyer Rose Shawlee from Boughton Law Corporation, Nicole Kirubi, Partner in accounting and advisory with Crowe MacKay, and Tiffany Lusher, Portfolio Manager at Genus, they’ll explore how women can approach estate planning with an eye to supporting independence, navigating major life transitions and designing a legacy that meets their unique needs. Here’s a look at some of the strategies they’re sharing.
Start estate planning with an asset inventory
Many women are actively involved in co-managing household financial responsibilities. But even in balanced partnerships, financial execution isn’t always fully shared. Accounts, beneficiary designations and even liabilities can easily fly under the radar.
The need for detail and access emerges quickly when a woman becomes the sole decision-maker, particularly when that shift is due to the death of a partner, divorce or another major life transition. “The first thing I consistently see when it’s an involuntary change is fear,” says Shawlee. “Clients are asking, ‘Am I going to have enough? Are my basic needs going to be covered? Am I going to lose my home?’”
Shawlee suggests a simple first step to build confidence: get a complete picture of the financial situation. “Producing an inventory of every account makes a really big difference,” she says. “Once you know what you have, you can decide what you want to do with it.”
That means asking:
- Are all accounts known and properly documented?
- Are beneficiary designations current and aligned with your wishes?
- Are there corporate interests or private investments?
- Is there any outstanding or undisclosed debt?
These situations may be complex, but having that information is what allows women to move from uncertainty to confident decision-making.
Plan for financial complexity
The traditional estate plan assumed a straight life path: one marriage, one set of children, one primary residence, one inheritance.
That is no longer today’s reality.
For many women, life includes divorce, second marriages, blended families, common-law partnerships, and in some cases, business ownership layered on top of personal wealth. Each of these elements introduces additional legal, tax and liquidity considerations that cannot be addressed with a simple template.
That’s why clarity around financial goals becomes essential. “Some people say, ‘I want to live in my home for as long as I can.’ Once we understand those goals, we can build the rest of the plan around them – and that shapes the entire conversation,” Kirubi says.
Setting investment goals is a critical part of that process. Estate planning decisions don’t exist in isolation – they influence how assets are structured, how risk is managed and how liquidity is maintained. Clear goals help ensure that investment strategies are aligned with both near-term needs and long-term needs. “Our investment strategies start with in-depth discussions so we can better understand their relationship with money, their values and their goals,” says Genus Portfolio Manager Tiffany Lusher.
Coordinate legal, tax and wealth management strategies
Estate planning isn’t just about managing and distributing assets. For most families, it often includes strategies intended to defer or manage end-of-life tax exposure wherever possible. After all, as Kirubi puts it, “no one wants their kids to have to sell the family property to cover a tax bill.”
Intentional planning also reduces the likelihood of conflict.
In B.C., wills can be challenged under the Wills, Estates and Succession Act’s variation legislation if a spouse or child believes they were not adequately provided for. In blended families especially, what feels emotionally fair may not withstand legal scrutiny.
That’s why Shawlee emphasizes the importance of proactive family law agreements to define what is separate property, what is shared and what is protected. “I strongly advocate for cohabitation agreements or prenuptials, depending on the stage of the relationship,” she says. “That way we know what the baselines are if the goal is to preserve those for the respective family lines.”
For clients over 65, Shawlee also points to Alter Ego Trusts as an alternative planning tool. “They’re more expensive to set up and manage, but they provide a clever path to asset distribution when we pass away.”
At its core, modern estate planning requires coordinated legal, tax and wealth management expertise. “Allowing investment advisors, lawyers and accountants to share information can be beneficial for clients,” Lusher says. “The goal is to ensure everyone understands the clients’ estate plan through clear communication and thoughtful planning.”
A thoughtful and coordinated approach can help support family members, address potential financial liabilities and align asset distribution with intentions and values.
“For women, it’s often about how they can help others live their best lives,” Kirubi says. And when that perspective is supported with careful planning, complexity becomes manageable – and legacy becomes intentional.
Interested in learning more about estate planning? Register for our Women, Wealth and Legacy webinar, watch the on-demand recording, or speak with a Genus advisor.
References:
Women & Wealth Transfer. (n.d.). RBC Wealth Management. Retrieved March 2, 2026, from https://ca.rbcwealthmanagement.com/documents/2209830/2209891/Womenandwealthtransferreport2017.pdf/50b7382f-e597-4bc7-93df-d5df1aac8fd0?
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