An estimated $124 trillion in wealth will change hands in the United States by 2048, according to Cerulli Associates. Cerulli Associates further noted about $54 trillion – more than 40% of that total – will shift within the same generation, most often from spouse to spouse, in a growing trend known as horizontal wealth transfer.
The implications of this shift are especially significant for women, who tend to live longer and often outlast male partners. According to the U.S. Centers for Disease Control and Prevention’s National Center for Health Statistics, women were expected to live more than five years longer than men as of 2022. That added longevity places them in the position of decision-maker of overseeing legacy, long-term care and the distribution of family wealth.
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This shift has significant implications on estate planning. It’s no longer just about passing assets from parents to children, but about coordinating transitions across spouses, siblings and extended families.
But for many, existing frameworks may not have caught up to this reality, leaving gaps that only become visible during times of change.
Often, the responsibility for an estate plan comes after a major life event: the death of a spouse, a significant liquidity event or the need to care for aging parents. Estate planning done well requires a process that ensures every key decision-maker has a seat at the table before their leadership is needed.
Wealth in Transition: Why Women Are at the Center of Legacy Decisions
Today’s wealth planning landscape reflects a deeper shift in who leads. Women are increasingly at the center of decisions that guide family transitions, whether they’re building businesses, managing trusts or caring for aging parents.
The most recent Census data, from 2019, reports that women own more than 12 million businesses in the United States. While many bring deep financial expertise to their careers, involvement in estate planning at home has often varied, usually shaped by family dynamics and generational expectations.
But this dynamic is changing. According to BMO, only 31% of women aged 65 and older received early family guidance on financial topics, compared to 66% of younger Gen Z women ages 18 to 24. This growing exposure to financial education at a younger age signals a shift in how families are preparing future generations for estate and wealth planning.
The financial industry is beginning to respond with more firms investing in inclusive services, education and advisor-client relationship models that resonate with women, according to the World Economic Forum.
With longer life expectancies, expanding roles in financial leadership and growing personal wealth, women are not just inheriting family legacies but actively shaping them. Whether managing trusts, selling a business or guiding intergenerational conversations, women are central to the decisions that will define family transitions for decades to come.
Where Professional Leadership Meets Personal Planning
In many families, estate planning doesn’t always mirror the leadership roles people hold in their professional or personal lives.
One person may run a business, while another manages household finances or long-term caregiving, yet neither may be fully engaged in the estate planning process. Ensuring everyone has clear visibility and a voice in the process leads to better decisions and a stronger, more resilient plan.
Just as a business wouldn’t operate without a succession plan or financial controls, a family shouldn’t either. Applying a “run your personal finances like a business” mindset to estate planning can help bring structure, foresight and accountability to decisions that impact multiple generations. Key components of this approach include:
- Reviewing assets and liabilities regularly
- Assembling a trusted advisory team
- Documenting clear roles and contingency plans
- Ensuring shared access to key information
Gaps in planning are not just conceptual; they can create obstacles when families need to act. Without the right access or documentation in place, even routine financial or healthcare decisions can become delayed, contested or impossible to carry out. Common breakdowns include:
- Frozen accounts during an emergency when a spouse or child doesn’t have legal access to funds needed for care or daily expenses
- Delays in critical treatment decisions because a healthcare proxy or power of attorney was never established or shared
- Unclear financial intent, such as charitable gifts or legacy distributions that were discussed but never formally documented
A solid estate plan isn’t just a set of documents; it’s a living conversation that includes those who will be most affected. Being part of that conversation early on means they’ll be better prepared to lead if and when the need arises.
Building the Plan Together: How Shared Leadership Strengthens Estate Outcomes
Estate planning is a process, and one that’s most effective when it starts before a life-changing event. Strong estate plans are grounded in coordination – aligning responsibilities, access and expectations well before they’re tested – and ensuring everyone who should have a seat at the table is involved.
- Start early: Schedule a family conversation about estate planning goals and documents while everyone is calm, healthy and focused.
- Review your plan: Ensure wills, powers of attorney and healthcare directives are up to date. Include guardianship plans for minors, legal protections for adult children, and long-term provisions for dependents with special needs or added support needs.
- Assemble a team: A trusted estate planning attorney, financial advisor and tax professional can work together to ensure your plan is comprehensive and aligned with your goals.
- Secure shared access: Ensure that all key players in the estate plan – family members, trustees and caregivers – know how to access key documents, accounts and passwords. Consider storing this information in a secure digital vault or estate planning binder.
- Reflect your values: Estate plans can support philanthropic goals, family business succession and the well-being of future generations. This may include charitable giving, education planning and provisions for heirs with special needs.
Making space for those conversations not only leads to more thoughtful planning but also helps promote stability, clarity and continuity across generations, especially as the horizontal wealth transfer continues to reshape how families pass on not just assets, but leadership, values and legacy.
Author: Megan Ruffentine, JD, is a director, private wealth advisor for BMO Wealth Management’s Arizona team, serving as lead advisor and relationship manager to high-net-worth individuals, families and organizations.
Editor’s notes
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BMO Bank N.A. and its affiliates do not provide legal advice or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors.
Information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. This publication is prepared for general information only.
