Estate Planning Statistics 2024: How Many Americans Have a Will or Trust?

Estate Planning in the US: The Surprising Numbers

Only about 32% of Americans have a will or living trust—meaning nearly 7 in 10 adults are rolling the dice with their legacy.

That’s a staggering majority leaving their families exposed to probate, legal headaches, and public court battles.

Even though 56% say estate planning is important, most never get around to it.

Why?

Procrastination, thinking they don’t have “enough” assets, or just not wanting to deal with it. But the risks of dying intestate (without a will) are real and costly.

Why Estate Planning Matters

• Avoid Probate: No will or trust? Your estate gets stuck in probate—public, slow (can take years), and expensive (up to 10% of your estate eaten by fees).

• Protect Your People: A clear plan means your assets go to your chosen beneficiaries, not just whoever the state picks.

• Slash Estate Taxes: Smart planning can save your heirs thousands in taxes and legal costs.

• Guardianship for Kids: Only a will lets you name guardians for minor children. Otherwise, the court decides.

• Healthcare Control: Living wills and healthcare proxies let you call the shots if you’re incapacitated.

• Asset Protection: Trusts can shield your assets from creditors, lawsuits, and even family drama.

• Special Needs & Family Trusts: Protect vulnerable family members with tailored trusts.

Key Estate Planning Tools

• Will: Directs asset distribution, names guardians, appoints an executor.

• Revocable Living Trust: Skips probate, keeps things private, flexible for life changes.

• Irrevocable Trust: Locks in asset protection and estate tax benefits.

• Power of Attorney: Lets someone manage your finances if you can’t.

• Advance Directive/Living Will: States your healthcare wishes and appoints a healthcare proxy.

• Beneficiary Designations: On retirement accounts, life insurance, etc.—these override your will, so keep them updated.

Common Mistakes

• Not updating your plan after major life events (marriage, divorce, kids, new assets).

• Forgetting digital assets (online accounts, crypto, domain names).

• No plan for incapacity (missing power of attorney or healthcare proxy).

• Overlooking debts, expenses, or taxes that can eat into your estate.

• Not telling your executor or family where to find your documents.

How to Start

1. List your assets and debts. Don’t forget digital and out-of-state property.

2. Decide on beneficiaries and guardians. Be specific.

3. Consult an estate lawyer (or use a reputable online service for basics).

4. Review and update your plan every few years—or after any big life change.

Most Americans are unprepared, but the risks of dying without a plan are huge: probate, family feuds, unnecessary taxes, and loss of control. Estate planning isn’t just for the wealthy—everyone needs a plan. Start simple, but start now.