State of Estate Planning Report

2022

Estate Planning Trends

Most view estate planning as essential and beneficial, but it’s also seen as inaccessible and elitist. Our study suggests people want an estate planning process that’s approachable, inclusive and easy.

The Report

We surveyed 10,000 American adults to learn about current attitudes and behaviors around estate planning. We learned that estate planning is…
Inaccessible to Many
Download the Report
Top Findings

Exclusive Insights

4 Common Misperceptions About Estate Plans
Is Estate Planning Part of Your Employee Benefits Package?
Overcome the Emotional Barriers to Estate Planning
"Estate planning is inaccessible to many people."
Visit Wealth.com

For Many, Estate Planning Is Inaccessible

Estate planning is inaccessible to many people with some groups more affected than others.

We’re Only Human

We’re ultimately motivated to set up estate plans to take care of our families, but we’re also uncomfortable confronting our own mortality, so we avoid planning for the future.

76%
70%
57%
cite taking care of their family as the top reason to set up an estate plan
consider handing down wealth a personal goal
fear that loved ones will be burdened by the difficulty of locating important estate documents or closing out an estate
We set up estate plans to take care of our families

We’re Procrastinators and Avoiders

40%
haven’t gotten around to setting up an estate plan, although 70% say they eventually will
45%
actively avoid thinking about death (especially men and 51% of millennials)
45%
believe it’s inappropriate to talk about money with friends, missing out on valuable financial advice

Some People Face Added Barriers

Traditionally underserved communities lack access to financial wellness resources, such as estate planning.

Inequality plays a role

Not everyone has equal access to financial wellness resources, such as estate planning.
14%
70%
Less likely to have an estate plan
14%
21%
21%
less likely to have an estate plan
more likely to say they’ve never considered setting one up
less likely to say they’re knowledgeable about estate planning
Members of BIPOC community are less likely to have financial wellness services accessible to them

And Rural Residents…

36%
have an estate plan in place
27%
consider themselves knowledgeable on estate planning process
2X
as likely to find the process challenging and call it “tedious"

Exclusive Insights

4 Common Misperceptions About Estate Plans
Is Estate Planning Part of Your Employee Benefits Package?
Overcome the Emotional Barriers to Estate Planning

Wealth Makes Estate Planning Dynamic and Accessible

Learn more at wealth.com
"Estate planning is misunderstood by most Americans."
Visit Wealth.com

Misconceptions Keep People Out of Estate Planning

Many people cite lack of knowledge, access and confidence as reasons they haven't set up an estate plan.

"We don't know a lot about estate planning."

Many people cite lack of knowledge, access and confidence as reasons they haven't set up an estate plan.
20%
say they don’t know anything about estate planning
46%
say the most challenging part of estate planning is knowing how to start
48%
of respondents consider themselves knowledgeable on estate planning

Our Survey Suggests Parents Are A Significant Influence

83%
of people whose parents have an estate plan set one up for themselves
27%
set up an estate plan on the advice of family
“It’s not for me, I’m not old and wealthy.”
1

Biggest Misconceptions

“It’s too depressing and scary to face — I can always do it later.”
2

Estate Plans Are For The Wealthy and I Am Not That Rich…

Many people think estate planning is an elitist practice only to be enjoyed by the uber-wealthy.

Estate planning is for everyone, and it’s not something to put off until later

43%
of survey respondents have no estate plan in place
37%
have never considered an estate plan
23%
don’t think they have enough money to warrant an estate plan 
18%
believe they don’t own anything valuable
43%
37%
23%
18%
As a reminder: everyone we surveyed had household income of $100K+ (25% of respondents had $150K+ HHI)

I’m Not Old, It Can Wait

Estate planning is often the last thing people want to think about, and so they put it off until the end of life.

49%

Nearly half of our respondents found the process of setting up a plan “helpful”
Said it was relieving and empowering
Said they wish they had put an estate plan in place sooner

It Feels Good to Have a Plan

49%
nearly half of our respondents found the process of setting up a plan “helpful”
29%
said it was relieving and empowering
42%
said they wish they had put an estate plan in place sooner
Wealth demystifies estate planning by simplifying the complex

Exclusive Insights

4 Common Misperceptions About Estate Plans
Is Estate Planning Part of Your Employee Benefits Package?
Overcome the Emotional Barriers to Estate Planning

Wealth Demystifies Estate Planning by Simplifying the Complex

Learn more at wealth.com
"Estate planning is overlooked as a financial wellness benefit for employees."
Visit Wealth.com

The Benefit of Benefits

Our survey suggests more people would set up an estate plan if it was offered as an employee benefit.

Estate planning is rarely offered as an employee benefit, but there is an appetite for it.

13%
of survey respondents said their company offered estate planning as a benefit
72%
say they would be more likely to set up a plan if offered as an employee benefit
80%
of those already knowledgeable on estate planning say they’d be likely to use a benefit to set up their plan
65%
said they would choose a web-based estate planning software
13%
72%
80%
65%
As A Reminder: Everyone We Surveyed Had Household Income Of $100K+ (25% Of Respondents Had $150K+ HHI)

Exclusive Insights

4 Common Misperceptions About Estate Plans
Is Estate Planning Part of Your Employee Benefits Package?
Overcome the Emotional Barriers to Estate Planning

Wealth Provides Benefits that Matter to Your Diverse Workforce

Learn more at wealth.com

About

Visit Wealth.com

About The Study

To learn about current attitudes and behaviors around estate planning, Wealth commissioned a survey of employed adults in the United States. The online survey, conducted in December 2021 by WALR in partnership with Manifest, surveyed 10,000 people ages 30 to 55 with household incomes of at least $100K.

All panelists have passed a double opt-in process and completed on average 300 profiling data points before taking part in surveys. Respondents were invited to take part via email and given a monetary incentive for doing so.

About Wealth

Wealth is a comprehensive estate planning platform that empowers people to create, manage and visualize their plans digitally. Creating an estate plan with Wealth gives your loved ones a holistic view of all your assets, visualized and securely stored in one place. Because life is unpredictable, Wealth makes it easy for you to access your plan anytime and offers guidance to ensure it’s always current and valid. And should the unthinkable occur, rest easy knowing your trusted beneficiaries are granted emergency access to your plan. Wealth is available to companies as an employee benefit, allowing employers to offer their workforce a meaningful financial wellness opportunity. Visit wealth.com to learn more.

Exclusive Insights

4 Common Misperceptions About Estate Plans
Is Estate Planning Part of Your Employee Benefits Package?
Overcome the Emotional Barriers to Estate Planning

Learn More About Estate Planning

visit wealth.com