Data referenced in this article is drawn from Empathy's original research report, The Hidden Barriers to the Great Wealth Transfer.
The Great Wealth Transfer is underway. Trillions are moving between generations, but most families are unprepared.
These estate planning statistics reveal a familiar pattern: while awareness is high, preparation is low, and families can feel the impact in the space between the two.
Estate Planning Statistics: The Transfer Timeline
Timing is the most important estate planning statistic. For most families, wealth transfer is not a distant 20-year horizon; the average transfer timeline is just 7 years.
60% of families expect a wealth transfer within the next decade.
20% say wealth transfer is underway now or will be within the next year.
However, when advisors were asked about the proportion of clients likely to experience a major change in the coming years, most estimated a much smaller number than the data suggests. This gap in perception can leave families unprepared, leading to higher churn at your institution.
By engaging families early and thoughtfully, there is an opportunity to support them through these transitions, rather than reacting to challenges after they arise.
Estate Plan Completion Statistics: The Preparedness Gap
A key challenge in this environment is that most families believe they are prepared. However, estate plan completion statistics suggest otherwise and reveal that families are talking but not planning.
87% of families report having had some conversation about future plans, but only 32% have discussed plans in detail with clarity (assets, roles, and intentions all understood).
Will and estate document statistics
The numbers on formal estate documents reveal a critical execution gap at every step:
Only 31% have a formal estate plan.
Only 32% have a will.
Just 21% have updated beneficiary designations.
And even when families have documents in place, less than half say those documents are actually complete, up-to-date, and easy to access.
Why Families Aren’t Prepared: The Barrier Statistics
Estate planning statistics only tell part of the story. Understanding why families aren’t preparing is equally important. The research identifies three compounding barrier types operating simultaneously.
1. Emotional and relational barriers to estate planning
57% of families cite emotional or relational challenges as primary obstacles.
Advisors experience these challenges as well. Nearly half say that clients’ reluctance or delay in discussing inheritance and legacy is among the most significant obstacles in supporting families through these transitions.
2. Logistical and structural barriers
42% don’t know what to discuss or where to start, or are unclear on who should initiate. 41% believe it’s too early, assume someone else is handling it, or face time constraints and competing priorities.
3. Financial pressures
As families work through emotional and logistical barriers, they are also managing real financial pressures. About one in five cite retirement savings, housing costs, healthcare expenses, and debt as significant challenges, with caregiving and income uncertainty adding to the strain.
So what actually prompts families to talk about estate planning? It is often present-day life events, not abstract future scenarios, that spark these conversations. About a third say that proactive long-term and retirement planning can help make these discussions easier.
For organizations supporting families, this means focusing on clarity and control in the present. The goal is to help families put plans in place that reflect their real needs and priorities today.
Emerging Trends in Estate Planning
Clients want guidance — not just products.
There is a real disconnect between what clients hope for from their advisors and what most practices currently provide. Bridging that gap is one of the most important opportunities today.
When asked what matters most, clients say they want education that helps them make confident, informed decisions, and clear guidance on what steps to take and why.
However, only 4% of advisors currently offer client education as an explicit service.
This is not a minor gap. Many clients are already finding their own solutions, turning to digital tools, technology, and peer networks for support. Advisors and organizations that lead with education, encourage family conversations, and use technology to foster deeper human connection will stand out. Those who wait may find themselves brought in later and less often.
Digital estate planning tools change outcomes — measurably.
Technology is no longer optional. It is one of the most effective ways for organizations to help families overcome the emotional, logistical, and practical barriers that can keep plans from moving forward.
When advisors offer digital estate planning solutions as part of their service, client response is overwhelmingly positive:
49% say it would increase their willingness to continue working with that advisor (67% among higher-wealth clients)
47% are more likely to keep assets under that advisor’s management (66% among higher-wealth clients)
48% are more open to expanding the relationship with additional services (68% among higher-wealth clients)
Among families who have used digital planning tools, 96% report tangible value, including reduced stress, better organization, and improved communication with loved ones.
What These Estate Planning Statistics Mean for Your Institution
Meaningful support begins with understanding the real needs of families—not just the numbers.
For Life Insurance institutions, our research shows that more than half of families now see life insurance not as a standalone product, but as an essential strategy within their broader plan. Life insurance leaders are reframing protection as a core part of the estate planning conversation, and expanding their living benefit offerings.
And wealth and financial leaders who are actively building for this moment see a clear opportunity to grow AUM through both deeper family engagement and an expanded services scope.
This is just a preview of the data; access the full research report here.
Estate Planning Statistics: Frequently Asked Questions
What percentage of Americans have an estate plan?
According to Empathy’s 2026 research, only 31% of families have a formal estate plan. Only 32% have a will (dropping to 26% specifically in the U.S.), and just 21% have updated their beneficiary designations.
What are the most important estate planning documents?
The core estate planning documents are: a will, a financial power of attorney, a healthcare proxy or advance directive, and updated beneficiary designations on all financial accounts and insurance policies. Beneficiary designations are particularly critical because they override a will legally, yet only 21% of families have updated theirs.
Why do so few people complete estate planning?
The research identifies three compounding barriers: emotional discomfort, logistical confusion, and financial pressure. Together, these barriers create a false sense of preparedness — families believe they’re more prepared than they are.
How does estate planning affect wealth transfer outcomes?
Significantly. Only 28% of families expect a smooth wealth transfer process. 53% anticipate problems including delays, conflict, confusion, or unintended outcomes. Families without formal estate plans are more likely to face asset liquidation, tax burdens, and family disputes. Advisors cite incomplete estate planning documentation as the #1 barrier to managing intergenerational wealth transitions.
Research & Methodology
Data referenced in this article is drawn from Empathy's original research report, The Hidden Barriers to the Great Wealth Transfer. The study was developed in partnership with Censuswide. The findings are based on a large-scale, dual-audience research study conducted between January and February 2026, using anonymous responses from adults across the United States, Canada, and the United Kingdom.