How Many Americans Have a Will: Latest Statistics

Latest Estate Planning Statistics in America

Estate planning in the U.S. has seen big shifts since 2020. The changes cut across age, race, and personal experience, and the numbers reflect those divides clearly.

Age-wise Trends

Younger Americans have shown the sharpest increase in estate planning since 2020, a shift largely driven by the pandemic. Will ownership among adults aged 18–34 rose from 16% to 24%, marking a 50% increase in just four years.

Nearly 1 in 3 adults under 35 say they wrote a will because of COVID-19. Those who experienced a serious case of the virus are 66% more likely to have a will than those who didn’t. Still, many younger adults remain unprepared, as 41% have never discussed estate planning with anyone.

Middle-aged and older adults, surprisingly, are seeing a decline. Among those aged 35–54, will ownership has dropped by 7% since 2020. For adults 55 and older, it’s down 10% over the same period. Even in the 35–54 group, 34% have never had a conversation about estate planning.

Awareness may be growing across all age groups, but the numbers show that younger adults better understand the importance of estate planning, while older age groups are slowing down.

Racial Trends

Estate planning habits vary widely across racial groups, and the changes over the last few years have been significant.

Black Americans have seen the strongest growth. Will ownership rose by 8% since 2023 and by 19% compared to 2020. This suggests a growing awareness around the importance of securing assets and clarifying wishes.

In contrast, White Americans saw a decline. Since last year, will ownership has dropped by 12%, with a total 3% decrease since 2020.

Hispanic Americans have seen the sharpest fall. Will ownership is down 3% since 2023, and a steep 21% drop since 2020.

While some groups are moving forward, others are pulling back. These shifts highlight how access, education, and cultural norms may still shape who becomes an estate planner.

Main Influences Behind Estate Planning

Here are a few of the biggest factors that influence whether someone takes the step towards getting a will.

Education

In 2024, over half of Americans with a postgraduate degree had a will. By comparison, only 23% of those with a high school education or less had done the same.

This isn’t new, but the gap is growing. In 2021, the difference in will ownership between these two groups was 41%. In just three years, that gap has nearly doubled to 81%, pointing to how access to information can shape the planning process

Gender

Men and women are often driven by different motivators when it comes to estate planning. 16% of male respondents said media or online coverage encouraged them to create a will, compared to 10% of women, which is a 46% difference. Men are also more likely to act based on world events like natural disasters or conflict.

Women, on the other hand, tend to be driven by personal loss. They are 22% more likely than men to write a will after the death of a loved one. For many, emotional experiences are what push this task to the top of the list.

Asset Ownership

95% of business owners either have a will or say they know they need one. A similar pattern shows up with real estate owners and people with investments like stocks or bonds. In both of the cases, 93% of the people say that estate planning matters. Similarly, among American adults earning $100,000 or more, 89% say they believe in the importance of having a will.

Family Responsibilities

Having children also increases the likelihood of having a will, especially for those with dependents. 92% of parents with dependent children understand the need for estate planning. It’s not just about passing on property. It’s about naming guardians, assigning responsibilities, and avoiding court battles later.

Key Elements in a Typical Will

Most Americans agree that estate planning matters, yet far fewer act on it. While 56% say it’s important, only 33% have documented their end-of-life plans.

If you’re wondering what a will usually covers, here’s a clear breakdown of what’s typically included.

Who Gets What

At its core, a will specifies who should inherit what. This could be family, friends, or even a nonprofit. According to the Federal Reserve, the average inheritance in the U.S. between 2016 and 2019 was $46,200. That number jumps to $719,000 for the wealthiest 1%, while those in the bottom 50% received just $9,700 on average.

Who Handles Everything

A will also names an executor, or personal representative. This is the person in charge of carrying out your instructions, from handling paperwork to wealth transfer. While many still choose a family member, nearly 1 in 4 Millennials and Gen Z Americans now prefer a trusted friend or professional to serve as their executor, trustee, or guardian.

Choosing the right executor can reduce delays, avoid unnecessary court involvement, and even eliminate the need for posting a bond (a financial guarantee required in some probate cases).

Guardians for Children

If you’re the surviving parent of minor children, a will lets you designate a guardian. This helps avoid court battles or confusion about who should step in. You can also set up a trust for your minor child’s inheritance, name a trustee, and avoid court supervision entirely. That means fewer delays, lower costs, and more peace of mind.

Other Important Estate Planning Documents

A will is just one part of estate planning. You can also include related documents to cover medical diagnosis and financial decisions in your estate plan:

• Living Will: This advance healthcare directive outlines your preferences for medical care if you’re unable to speak for yourself. It’s especially common among older adults, and 72% of baby boomers have one, compared to just 15% of young adults.
• Living Trust: Unlike a will, a living trust allows someone else (a trustee) to manage your assets if you are not capable of doing so. It also helps your estate avoid the probate process, making things faster and more private. In 2021, among all documented estate plans,19% were trusts.
• Last Will and Testament: This is the formal term for a traditional will. It clearly outlines how assets should be distributed after death and includes instructions for executors, guardians, and beneficiaries.

Common Barriers to Owning a Will

Many Americans skip writing a will. This is not because they don’t care, but because of a few common barriers. Here’s what’s holding people back:

• Procrastination: Over 40% of Americans say they’re waiting until a health concern to make a will. By then, it could be too late to make clear decisions.
• Perceived Lack of Assets: 40% believe they don’t own enough assets to justify having a will. Many assume estate planning is only for the wealthy.
• Low Income: Among Americans earning $40,000 or less, will ownership dropped from 25% in 2020 to 21% in 2024, which is a 16% decline. Many in the lower-income group feel estate planning isn’t for them.
• Inflation Impact: 9% of U.S. adults say inflation has reduced the value of what they own, and 8% say they had to sell off assets. Both groups now see less need for a will.
• Cost Concerns: Some assume writing a will is expensive or legally complicated, even though there are affordable options for writing a will.

Bottom Line

Only 32% of Americans had a will in 2024, which was a 6% drop from 2023 and the first decline since 2020, despite an estimated $36 trillion expected to transfer from retirees to beneficiaries in the coming decades.

Will ownership has increased by 50% among 18–34-year-olds since 2020, while falling 7% for middle-aged adults and 10% for those over 55. Racial gaps are shifting: will ownership is up 19% among Black Americans, down 12% among White Americans, and has declined 21% for Hispanic Americans since 2020.

Education, income, and asset ownership are strong predictors. 95% of business owners and 89% of high-income earners say they have or need a will. Yet barriers persist. 40% of Americans still believe they don’t own enough to justify a will, and over 40% are waiting for a health crisis before acting. With only 33% documenting their end-of-life wishes, estate planning remains overlooked, even as the need continues to grow.

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