San Diego, CA, February 25, 2025 -- The 2025 Trust & Will Estate Planning Report, a groundbreaking new study and the largest estate planning survey ever, reveals Americans’ resistance to estate planning even as they face unprecedented financial uncertainty. The report draws from 10,000 respondents and exposes a critical gap between Americans’ understanding of estate planning and their action - or lack thereof.
A staggering 55% of Americans have no estate documents at all, while only 31% of respondents have established a basic will. This preparation gap comes at a time when financial anxiety has reached historic highs, with nearly half of all Americans (49%) reporting increased concern about their financial futures compared to last year.
According to the report, the “American Dream” itself appears to be unraveling. A decisive 60% of Americans no longer believe that hard work guarantees economic opportunity – a foundational pillar of American optimism. Even more telling, 1 in 5 Americans have completely disconnected from any traditional American Dream ideals, suggesting a seismic shift in national attitudes toward achievement and success.
Cody Barbo, CEO of Trust & Will, explains, “We’re witnessing a fundamental shift in how Americans think about their financial future. For decades, the American Dream was about building something—security, opportunity, a legacy. But when more than half of Americans no longer believe that hard work leads to financial success, it forces us to ask: Is the American Dream changing, or is it slipping away? And more importantly, what does this mean for our children and the legacies we leave behind?”
Barbo continues, “I don’t believe the dream is disappearing—I believe it’s evolving. Americans are redefining prosperity. Success is no longer measured solely by financial gain; for many, especially younger generations, it’s about self-growth, societal impact, and access to knowledge. The American Dream isn’t fading—it’s transforming into something more inclusive, meaningful, and deeply personal.”
Key findings reveal societal divisions:
Wealth Paradox:
78% of Americans say inflation has only made matters worse and made achieving their life goals even harder. From homeownership to retirement, rising costs are forcing Americans to rethink their financial futures.
Nearly 1 in 5 Americans (19%) believe they will leave nothing meaningful behind when they die, and over half think they will leave behind $50,000 or less for their beneficiaries.
Financial anxiety peaks among both lower-income groups AND those earning between $500K–$1M annually, suggesting that wealth does not eliminate uncertainty.
Racial Disparities:
30% of Black respondents and 28% of Hispanic Americans show higher confidence in estate planning knowledge, that they feel ‘very confident’, compared to only 21% of White Americans.
51% of Black Americans say estate planning is ‘very important,’ exceeding the 46% of White Americans who say the same.
Yet, 64% of Black Americans and 62% of Hispanic Americans have no estate planning documents, compared to 52% of White Americans.
Gender Gap:
Men outpace women in estate planning: 34% of men have a will vs.29% of women, and 15% of men have a trust vs. 9% of women.
58% of women have no estate planning documents at all compared to 50% of. men
Emerging Trends:
AI Adoption: 20% of Americans now trust AI-generated legal advice more than human attorneys, and 34% trust it the same. Wealthier and younger Americans are leading the charge in adopting AI-driven tools for financial and legacy planning.
Modern Family: Nearly 1 in 4 Millennials and Gen Z Americans prefer non-family executors - trusted friends or professionals over relatives, reflecting evolving views on family, trust, and responsibility.
Pet Priority: 62% of Americans believe pets deserve the same level of importance as humans in estate plans. Younger generations lead this shift, with 69% of Gen Z believing pet care should be formally documented.
With so many Americans no longer acknowledging that economic opportunity is the core of the American Dream, success is being redefined. Americans are focused on protecting what matters most to them, whether that’s personal values, education, pets, or social impact. The data suggests a fundamental reimagining of legacy planning. Younger generations are prioritizing personal fulfillment and digital legacy over traditional wealth accumulation, with charitable giving emerging as their preferred vehicle for leaving a meaningful impact.
For the complete study results, please visit https://trustandwill.com/learn/estate-planning-report-2025.
Press Contact: Mark LoCastro, Head of Comms MLoCastro@trustandwill.com
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Methodology
Research was conducted by WeAreTalker (formerly OnePoll) on behalf of Trust & Will. The survey was fielded between January 3–13, 2025, and included 10,000 U.S. adults aged 18 and older, ensuring a nationally representative sample. Respondents were randomly selected to provide a diverse range of perspectives across age, income, education, race, political affiliation, and geography. The results have been weighted where necessary to ensure demographic accuracy and reflect the current state of estate planning and financial attitudes in America.
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