Despite widespread recognition of estate planning’s importance, most Americans still lack essential legal documents. A will—the most common estate planning document—is held by just 31% of Americans, while only 11% have a trust. In total, 55% of Americans have no estate plan at all, leaving their wishes—and their loved ones—unprotected.
But this lack of preparedness isn’t evenly distributed. Age, income, race, and gender all play a role in who is most likely to have a plan in place. Older generations, wealthier households, and men tend to be more prepared, while younger adults, lower-income individuals, and women lag behind.
Understanding these demographic disparities sheds light on why some Americans prioritize estate planning while others put it off.
Generational Divide: Older Americans Are More Prepared
Estate planning readiness increases with age, and younger generations continue to fall behind in actual preparedness.
Silent Generation: 66% have a will, making them the most prepared age group.
Baby Boomers: 44% have a will, still significantly higher than younger generations.
Gen X: 26% have a will, slightly below the national average.
Millennials: Just 22% have a will, and over 60% have no estate planning documents at all.
Gen Z: Only 15% have a will, making them the least prepared generation.
This isn’t just about age—it’s about perceived urgency. The majority of respondents believe estate planning should start between ages 30-39, yet the actual average age of estate plan creation is 42. Younger adults acknowledge its importance but struggle to take action, often citing procrastination or the belief that they don’t yet have enough assets to warrant a plan.
Income Disparities: Higher Earners Are Far More Likely to Have a Plan
Estate planning preparedness is strongly correlated with income. Among those earning $250,000-$499,999 per year, 74% say estate planning is ‘very important,’ the highest of any income group. In contrast, only 33% of individuals earning under $25,000 view estate planning as ‘very important’.
This difference is reflected in document ownership. Those with household incomes over $1M are twice as likely to have a will (66%) compared to those earning under $25,000 (33%).
Interestingly, both income and education level influence estate planning perceptions in the same way. Higher-income individuals tend to believe estate planning should begin earlier in life, while lower-income respondents are more likely to delay it. Similarly, respondents with lower education levels tend to push estate planning later, while those with higher education see it as a priority sooner.
22% of respondents with a household income over $1M think estate planning should start between 19-29 years old VS only 13% of respondents with a household income under $25,000.
26% of respondents with a doctorate degree think estate planning should start between 30-39 years old VS only 17% of those with less than a high school degree.
This data highlights a critical reality: estate planning is not just a financial tool, but a mindset. Wealthier individuals recognize its importance earlier in life, whereas lower-income and less-educated respondents tend to delay it, often believing it’s unnecessary for them.
Racial Insights: Estate Planning Gaps Reflect Systemic Barriers
Estate planning adoption varies significantly across racial demographics, revealing disparities that likely stem from historical and systemic factors, financial literacy differences, and access to professional guidance.
White and Native respondents are the most likely to have estate planning documents. White individuals report the highest percentage of wills at 34%, surpassing the overall average of 31%. Native respondents have lower-than-average will ownership (29%) but the lowest percentage of individuals without any estate planning documents (51%), indicating a stronger overall adoption of estate planning tools.
In contrast, Black and Hispanic respondents are the least likely to have estate plans. 64% of Black respondents and 62% of Hispanic respondents report having no estate planning documents, significantly higher than the overall average. This underscores potential financial, legal, and informational barriers that have historically limited estate planning access for these groups.
Asian respondents stand out for their preference for trusts. 18% of Asian individuals have a trust, the highest percentage among all racial groups and notably above the 16% overall average. This trend suggests that among those who engage in estate planning, Asian individuals may prioritize asset protection and long-term financial structuring through trusts rather than wills.
Gender Divide: Men Are More Prepared Than Women
Men are more likely than women to have estate planning documents across all categories. 34% of men have a will, compared to 29% of women, and 15% of men have a trust, compared to only 9% of women. Additionally, women are more likely to have no estate planning documents at all (58% vs. 50% for men).
This disparity may stem from traditional financial roles—men are more likely to be primary earners and financial decision-makers, while women, particularly those with caregiving responsibilities, may prioritize immediate family needs over long-term financial planning. However, this trend is shifting. As more women become primary earners and financial decision-makers, we may see the estate planning gender gap continue to close in the coming years.
Political Differences: Republicans Are More Likely to Have an Estate Plan
Political affiliation also correlates with estate planning preparedness. 36% of Republicans have a will, compared to 31% of Democrats and 28% of Independents. Additionally, Republicans have the lowest percentage of individuals without estate planning documents (49%), whereas 58% of Independents remain unprepared.
While political ideology does not inherently determine financial behaviors, estate planning’s emphasis on personal responsibility and wealth protection may resonate more strongly with conservative-leaning respondents.
Regional & Community Trends: Where You Live Matters
Suburban residents are the most prepared for estate planning, with 35% having a will and only 51% lacking any estate planning documents, outperforming both urban and rural populations.
Rural communities lag behind in estate planning adoption, particularly regarding trusts—only 8% of rural respondents have a trust, compared to 13% of urban and suburban residents. Meanwhile, the West region leads in trust ownership (17%) but has the lowest percentage of wills (27%), indicating a regional preference for trust-based planning.
These insights were unveiled in the groundbreaking 2025 Trust & Will Estate Planning Report—the largest estate planning survey ever conducted. Click here to view the full report.
Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.
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