The Baby Boomer generation and an aging population are fueling momentum in the estate planning market, particularly because of the expected wealth transfer in the United States over the next 25 years.
Despite that, there are still many Americans with no plans or a will currently in place. Uncertainty around planning participation could reshape how wealth moves across generations.
So, what does this mean for your estate strategy?
Below, we explore critical estate planning statistics, emerging trends, and key factors shaping the landscape in 2025.
Top Estate Planning Stats
- The estate planning services market hits $1.26 billion in 2025 and projects to nearly double to $2.43 billion by 2034.
- Only 24% of Americans have a will in 2025, a sharp decline from 40% in 2016.
- White Americans are more likely to have a will (39%) than Black (29%) and Hispanic (23%) Americans.
- Over $105 trillion will transfer in the U.S. over 25 years, with $2.5 trillion in 2025 alone.
Estate Planning Market Size
Based on the latest data, the estate planning services market is $1.26 billion in 2025.
The market is projected to reach $2.43 billion by 2034, growing at a compound annual growth rate (CAGR) of 7.58%.
This expected increase aligns with broader industry trends, such as an aging population and heightened awareness of estate planning needs.
Sources: Market Reports World
How many Americans have a will?
According to 2024 survey data, only 24% of Americans have a will in 2025.
This figure reflects a steady decline, possibly due to procrastination or misconceptions about the need for a will despite growing financial uncertainty.
It also marks a significant drop from previous years.
In 2022, 33% of Americans reported having a will, which dipped slightly to 32% in 2024 before plummeting to the current 24% this year.
In comparison, in 2016, an estimated 40% of Americans had a will.
Below, you can see the percentage of people with a will each year between 2016 and 2025.
| Year | % with Will |
|---|---|
| 2016 | 40% |
| 2017 | 40% |
| 2018 | 39% |
| 2019 | 40% |
| 2020 | 32% |
| 2021 | 32% |
| 2022 | 33% |
| 2023 | 34% |
| 2024 | 32% |
| 2025 | 24% |
The percentage of people with a will also varies widely by age. For instance, 81% of people over the age of 72 have a will, while 45% of people over the age of 55 have a will.
Younger adults are much less likely to have a will. Currently, only 27% of 25- to 54-year-olds have a will. 18 to 34-year-olds are even lower, as only 24% of adults in this age group have a will.
Additionally, there are several factors that contribute to this decline. Below, you can see the top reasons why Americans don’t have a will based on 2024 survey responses.
| Reason | Percentage |
|---|---|
| “Haven’t gotten around to it” | 43% |
| Don’t have enough assets | 40% |
| Too expensive | 15% |
| Too complex | 12% |
Sources: Caring.com
Estate Planning Statistics by Demographic
Estate planning varies widely by demographic, specific by race, gender, and income levels. These factors significantly influence planning behaviors.
Among racial groups, White Americans lead in estate planning participation, with 39% having a will in 2024, though this has declined from 45% in 2019.
Black Americans follow, showing growth with 29% having a will in 2024, a 19% increase from 2020 which stood at 24%.
The table below shows the percentage of people with a will by race/ethnicity.
| Race/Ethnicity | % with a Will (2024) | % with a Will (2020) | Change Since 2020 |
|---|---|---|---|
| White | 39% | 42% | -3.00% |
| Black | 29% | 24% | 19.00% |
| Hispanic | 23% | 25% | -8.00% |
Income plays a significant role in estate planning, with higher earners far more likely to have a will.
According to recent data, 34% of people earning over $150,000 annually had an estate plan, compared to just 8% of individuals earning under $40,000.
The table below shows estate planning rates by income level in more detail:
| Income Level | % with an Estate Plan |
|---|---|
| Over $150,000 | 34% |
| $80,000 – $150,000 | 26% |
| $40,000 – $80,000 | 19% |
| Under $40,000 | 8% |
Sources: Caring.com, LawDepot
Estate & Inheritance Taxes by State
The federal estate tax rate typically ranges between 18% to 40%. Normally, it only applies to assets over $13.99 million based on the latest 2025 policy changes.
As of 2025, there are 12 states and the District of Columbia with estate taxes. Additionally, there are six states with inheritance taxes.
Maryland is the only state with both estate and inheritance taxes. There are also several states that exempt estates at the federal level.
Below, we list the states with these taxes, their effective tax rate, and exemptions as of today.
| State | Estate Tax Rate | Estate Tax Exemption | Inheritance Tax Rate | Inheritance Tax Exemption |
|---|---|---|---|---|
| Connecticut | 12% | $13,610,000 | N/A | N/A |
| Hawaii | 10.0% – 20.0% | $5,490,000 | N/A | N/A |
| Illinois | 0.8% – 16.0% | $4,000,000 | N/A | N/A |
| Iowa | N/A | N/A | 0 – 2% | N/A |
| Kentucky | N/A | N/A | 0 – 16% | $1,000 |
| Maine | 8.0% – 12.0% | $6,800,000 | N/A | N/A |
| Maryland | 0.8% – 16.0% | $5,000,000 | 0 – 10% | N/A |
| Massachusetts | 0.8% – 16.0% | $2,000,000 | N/A | N/A |
| Minnesota | 13.0% – 16.0% | $3,000,000 | N/A | N/A |
| Nebraska | N/A | N/A | 0 – 15% | $100,000 |
| New Jersey | N/A | N/A | 0 – 16% | $25,000 |
| New York | 3.06% – 16.0% | $6,940,000 | N/A | N/A |
| Oregon | 10.0% – 16.0% | $1,000,000 | N/A | N/A |
| Pennsylvania | N/A | N/A | 0 – 15% | N/A |
| Rhode Island | 0.8% – 16.0% | $1,774,583 | N/A | N/A |
| Vermont | 16% | $5,000,000 | N/A | N/A |
| Washington | 10.0% – 20.0% | $2,193,000 | N/A | N/A |
| District of Columbia | 11.2% – 16.0% | $4,715,600 | N/A | N/A |
Wealth Transfer Stats
Over $105 trillion is expected to transfer in the U.S. over the next 25 years, with $2.5 trillion projected for 2025 alone.
Baby Boomers will pass down $84.4 trillion to heirs by 2045, marking the “Great Wealth Transfer.”
$72.6 trillion will be transferable wealth to heirs, while approximately $11.9 trillion will be donated to charities.
It’s worth nothing that 50% of this total wealth transfer will likely come from high-net-worth and ultra-high-net-worth households, which accounts for 2% of all households currently.
This is evident in survey data, which indicates that only 26% of Americans expect to leave an inheritance, despite younger generations anticipating more.
In 2024, 32% of Millennials and 38% of Gen Z expect an inheritance, yet only 22% of Gen X and Boomers plan to provide one—a gap tied to declining estate planning.
It’s also estimated that approximately 20% to 50% of U.S. household wealth is inherited, with a median inheritance of over $60,000.
Sources: Bloomberg, Cerulli Associates, Northwestern Mutual
Conclusion
The estate planning industry reveals a mix of growth and gaps in 2025, as a $1.26 billion market meets a stark decline in will ownership to just 24%.
While wealth transfers accelerate, the persistent lag in planning, especially among younger and lower-income groups, risks leaving many people unplanned.
It will be telling to see how these trends shape the future generations through 2025 and beyond.