Why every woman needs an estate plan, not just the wealthy

Estate planning sounds like something for people with land, trusts and an accountant on speed dial, not for a working mother juggling a mortgage and the school run. That assumption is probably why you don't have a will.

This post explains what an estate plan covers, why it matters long before your net worth reaches seven figures, and what to put in place first.

What actually counts as an estate plan

An estate plan is the set of documents that decide what happens to your money, home and children if you die or lose the ability to make decisions for yourself: a valid will, a Lasting Power of Attorney for property and finance, a second for health and welfare, and up to date beneficiary nominations on your pension and life insurance.

None of it requires wealth, only assets worth naming and people you care about. According to the Money and Pensions Service, 56% of UK adults don't have a will, including 53% of those aged 50 to 64. That's not a wealth gap, it's a paperwork gap, and it affects nearly everyone.

Why the "not wealthy enough" excuse doesn't hold up

The idea that estate planning is only for the wealthy comes from thinking about inheritance tax and stopping there. The nil-rate band is £325,000 per person, frozen since 2009 and committed to stay frozen until at least 2030, according to HMRC. Add the residence nil-rate band of £175,000 when a home passes to children, and a single homeowner can shelter up to £500,000, or £1 million for a married couple. Only around 4% of UK estates currently pay any inheritance tax.

That's changing. From 6 April 2027, most unused pension funds will count towards your estate for inheritance tax for the first time, per HMRC's technical note, pulling an estimated 10,500 more estates a year into paying it. None of this touches the parts of estate planning that have nothing to do with tax, such as who decides your medical care, or whether your partner inherits anything if you were never married.

What happens if you don't have a will or an LPA

Die without a will and the law decides who inherits, using a fixed order called the intestacy rules, which take no account of an unmarried partner or an old falling-out with a sibling. Cohabiting partners have no automatic inheritance rights under UK law. Women are also less likely than men to have made a will: the National Will Register found in 2023 that 50% of men had done so, compared with 39% of women.

An LPA matters just as much, letting you name in advance who makes decisions about your money and care if you're ever unable to. Without one, your family cannot simply step in. They have to apply to the Court of Protection, which can take months. Canada Life research found 78% of UK adults have not registered an LPA, including 77% of those over 55.

Why this matters more if you run the household finances

If you're the one who knows where the mortgage documents are and how the pension is invested, an estate plan stops that knowledge dying with you. Women are also statistically more likely to outlive a partner into older age, so this paperwork is more likely to become someone else's emergency later, not less. This isn't about assuming the worst. It's about making sure the people who matter aren't left guessing, at the worst possible moment, about decisions you'd already made.

From Lucy, co-founder of Welleness

I put off writing a will for years, not because I hadn't thought about it, but because it felt like admitting something I wasn't ready to admit. It sat somewhere between renewing my passport and cancelling a subscription I didn't use, always urgent for someone else, never quite urgent enough for me.

What finally moved it up the list was realising I knew exactly where everything was, the pensions, the savings, the small print on the mortgage, and nobody else did. If something happened to me, my husband would have been left reconstructing our whole financial life from scratch, at the worst possible time.

I don't think of myself as someone with an estate, and I doubt you do either. But an estate is just what's left when you're not there to explain it. Writing it down isn't morbid. It's one of the kindest things you can do for the people who'd otherwise have to work it out alone.

What you can do now

Book a will-writing consultation, or check whether your employer offers one free as a workplace benefit.

Set up an LPA for property and financial affairs through the Office of the Public Guardian's online service, which costs £82 and doesn't require a solicitor.

Log into your pension and life insurance accounts this week and check your named beneficiaries are still correct.

Frequently asked questions

Do I need a will if I don't own a house?

Yes, it also covers savings, belongings and who looks after your children.

Is a Lasting Power of Attorney the same as a will?

No. A will takes effect after death. An LPA takes effect while you're alive but unable to decide for yourself.

How much does a basic estate plan cost?

A straightforward will typically costs £100 to £300, or less online. Each LPA costs £82 to register.

What happens to my pension if I haven't named a beneficiary?

The provider's trustees decide who receives it, which may not be who you'd have chosen.

Here is what one Welleness member said after her financial health check.

"Before using Welleness I thought speaking to a financial adviser was only for people who earn like 200 grand, or people who'd inherited. Without Welleness I would probably be less informed, and I wouldn't be reaching the levels of what I think I'm going to achieve now that I've spoken to Lizzie." Emily, Welleness user

If reading this has made you wonder whether your own paperwork is actually in order, our free financial health check takes less than five minutes and gives you a clear picture across six areas of your financial life, estate planning included. No judgement. No jargon. Just clarity.

This post is for informational purposes only and does not constitute financial advice. For guidance specific to your situation, speak to a regulated financial adviser.