March is Women’s History Month, a time to celebrate the achievements of trailblazing women who changed the world. But their impact doesn’t stop at their careers—their estate planning decisions (or lack thereof) also offer powerful lessons about protecting wealth, securing families, and ensuring their legacies are preserved.
At Trust Counsel, we believe every woman deserves to leave a legacy that reflects her hard work and values. Here are three estate planning takeaways inspired by remarkable women:
1. Clearly Define Your Legacy
Florence Griffith Joyner (“Flo Jo”), the fastest woman in history, left an unforgettable mark on track and field. But after her tragic passing at just 38, her family was caught in legal battles because they couldn’t locate her will. Without a clear estate plan, disputes arose over her assets, including real estate and valuable memorabilia from her legendary career.
Lesson: A well-documented will and trust ensure that your assets are distributed according to your wishes, preventing family disputes and delays in the inheritance process. Keeping original copies in a secure place and informing your executor or attorney is just as crucial.
2. Keep Your Estate Plan Up to Date
Maya Angelou, an iconic poet and activist, built an extraordinary legacy. While she took steps to protect her estate, some of her financial and intellectual property arrangements weren’t as clear as they could have been. Certain outdated estate documents and decisions led to uncertainty over rights to her literary works, which complicated the administration of her estate.
Lesson: Estate plans aren’t “set it and forget it.” Major life changes—such as marriage, children, new assets, or even shifts in tax laws—should prompt regular reviews and updates. Intellectual property, in particular, should be carefully structured in an estate plan to ensure creative and financial legacies are protected.
3. Plan for the Financial Future
Doris Duke, the tobacco heiress and philanthropist, inherited a fortune worth $1.3 billion in today’s money. But poor estate planning led to a long and costly legal battle over her foundation and assets. Executors and trustees fought over control, and high estate taxes reduced the value of her estate significantly.
Lesson: Without tax-efficient planning, a significant portion of an estate can be lost to legal fees and taxes instead of benefiting loved ones or charitable causes. Trusts, gifting strategies, and charitable foundations can help manage wealth and preserve it for future generations.
At Trust Counsel, We Help You Secure Your Legacy
Estate planning isn’t just about wealth—it’s about making sure your story is written on your terms. This Women’s History Month, honor the women who paved the way by taking steps to protect your own future.
