7 estate planning questions every woman should ask herself

No two women’s lives look the same. Whether you’re building a career, raising children, growing your wealth, starting over after a major life change or enjoying retirement, your estate plan should evolve with you. As your life changes, so do your responsibilities, priorities and the legacy you want to leave behind. That’s why estate planning should reflect your life today and the people who matter most to you.

That is particularly important in South Africa, where 42.4% of households are headed by women and fewer than a third of children live with both biological parents. Women also live around five‑and‑a‑half years longer than men on average, while earning between 24% and 39% less over their working lives. Together, these realities mean many women carry financial responsibilities for longer, making thoughtful estate planning more important than ever.

This Women’s Month, Kashmeera Kanji, Head of Distribution Strategy and Market Analytics at Discovery Life, encourages women to look beyond simply having a Will. She encourages women to ask themselves whether their estate plan would actually work if it needed to.

“Every woman should have a plan, regardless of her relationship status,” says Kanji. “There is no universal solution because every woman’s circumstances are different. Your estate plan should reflect your life, the people you want to protect and what you want your assets to achieve.”

A valid Will is the foundation, but it is only one part of a good estate plan. Women should also think about who will manage their estate and care for minor children, how an inheritance would be protected. They need to consider whether there would be enough money available to support loved ones and cover the costs of winding up the estate.

Before moving on, it’s worth remembering that having a Will isn’t enough – it also needs to be valid. A Will must be signed by the person making it in the presence of two competent witnesses, who must also sign the document. If these legal requirements aren’t met, the Will could be challenged or declared invalid, meaning your wishes may not be carried out as intended.

Does your estate plan still reflect your life?

Life changes, but estate plans don’t update themselves. A Will written before a marriage, divorce, the birth of a child, or the purchase of a property may no longer reflect your wishes. New relationships, changing financial circumstances and growing families can all affect how your estate should be structured.

For women who are married or in long-term partnerships, estate planning should also be a shared conversation. Both partners should know whether valid Wills exist, where the original documents are stored, who the nominated beneficiaries are and what assets, policies and debts make up the household’s financial picture.

For women who are single, the priority is making sure their wishes are clearly documented and that the people who may need to administer the estate know where to find the necessary documents. A simple way to do this is to have a ‘life file’ – a single place to store important documents.

“Knowing where a Will is kept, who the executor is and what arrangements have been made for children isn’t about mistrust,” says Kanji. “It’s about making sure your plans can actually be carried out when they matter most.”

If something happened tomorrow, who would care for your children?

For mothers with young children, choosing a guardian is one of the most important decisions an estate plan can address. But naming someone in a Will should never come as a surprise. It’s important to have that conversation first so the person understands the responsibility and can decide whether they are willing and able to take it on.

The discussion should also include talking about money. Raising children comes with ongoing costs, from housing and education to healthcare and everyday living expenses. Naming a trusted guardian without making financial provision could place an unexpected burden on them.

“Choosing a guardian and planning financially should go hand in hand,” says Kanji. “It’s not only about who would care for your children, but whether they would have the resources to do so.”

If your children inherit, who will manage that money?

Leaving assets to minor children is only part of the picture. It’s equally important to think about how those assets will be managed until they’re old enough to make financial decisions themselves. Without the right planning, assets intended for minor children will be paid into the Guardian’s Fund until they turn 18. Their guardian may find it hard to access regular cash from this Fund to look after the minor. In addition, when the minor turns 18, they will be entitled to receive all the funds, which might, in many cases, be a risk.

For many families, a testamentary trust established through a Will offers better protection. The trust comes into effect after death and allows appointed trustees to manage assets according to the instructions set out in the Will. It will also provide ongoing financial support for children while protecting assets until they are ready to inherit them directly.

“What constitutes wealth is personal,” says Kanji. “For many parents, it’s about making sure the opportunities they wanted for their children don’t disappear if they’re no longer around.”

A trust does, however, need careful planning. Trustees need to be chosen wisely and there should be enough money in the estate to cover ongoing administration and other costs, such as trustee fees. These costs can also be covered through a life insurance policy, helping to ensure the trust can operate as intended without placing unnecessary financial strain on the estate.

Would your family have access to money when they need it most?

An estate can include valuable assets but still leave a family short of cash when it matters most. Property, investments and other assets cannot always be accessed immediately to pay executor’s fees, taxes or everyday living expenses. If there isn’t enough liquidity, assets may need to be sold to cover these costs. A life insurance policy could provide the necessary cash, ensuring that these immediate expenses are covered without reducing the value of the estate.

Women who have inherited assets from a late spouse should also remember that while transfers between spouses may not trigger tax in the first estate, estate duty and capital gains tax could become payable in the surviving spouse’s estate when they pass away. For this reason, it is highly recommended that individual circumstances be reviewed with an appropriately qualified adviser or specialist.

Seven questions every woman should ask herself

This Women’s Month, take a few minutes to ask yourself:

1. Do I have a valid and updated Will that is properly signed?
2. Does it reflect my life as it is today?
3. Does someone know where my original signed Will is stored? Does my partner have a Will and do I know where it is stored?
4. Are my executor, guardian, trustee and beneficiary nominations still appropriate?
5. Have I spoken to the people I’ve asked to take on these responsibilities?
6. Is there a suitable plan for managing any inheritance left to my children?
7. Will there be enough money available to administer my estate and support my loved ones?

“If any of your answers begin with ‘I think’, it’s probably time to revisit your estate plan,” says Kanji. “Estate planning isn’t really about what happens after you’re gone. It’s about making sure the people you love are cared for in the way you intended. That’s the legacy every woman hopes to leave.”