A $100 Billion Opportunity
More than 70% of Black Americans and 78% of Hispanic Americans don’t have a will. That’s not just a statistic—it represents a massive gap that contributes to a larger trend of wealth inequity among people of color. Nearly 70 percent of Black homeowners over 50 do not have a will or trust. As a result, many families of color are at risk of losing generational wealth simply because they don’t have the right plans in place.
Estate planning is often overlooked and put off, but for brokers and financial institutions, it represents a critical way to engage with clients who need guidance the most. A 2023 report by Business Research Insights estimated the estate planning services market at around $100 billion, with projections to reach $150 billion by 2032. These figures underscore the substantial market size and significant opportunity to help thousands of families with future planning. Beyond building long-term client relationships, this is about closing an equity gap and ensuring more families can protect the assets they’ve worked for.
The #1 Reason Clients Put Off Estate Planning—And How You Can Help
The demand is there. Studies show that many people, especially those who have delayed estate planning, simply don’t know where to start. A 2023 survey by LawDepot found that 57% of respondents without a completed estate plan cited not knowing which documents they needed as a primary reason for not having one. That’s where brokers, financial professionals, and even employers can step in to offer estate planning resources that simplify the process and reduce complex jargon all while building trust and providing real value.
Technology is making estate planning more accessible than ever. Digital tools like Empathy LifeVault™ help streamline the process, offering a simple way for families to organize critical documents and ensure their assets are protected. LifeVault is a digital solution for crafting a secure, state-specific legacy plan that’s entirely legally compliant. Developed with leading estate attorneys, it simplifies the creation and management of documents like a Last Will and Testament, Power of Attorney, and Advance Healthcare Directive. LifeVault ensures that the family’s medical, estate, and legacy wishes are clearly documented with secure storage—and can be easily honored. The platform offers individual accounts for solo planning and couple’s accounts for seamless coordination between spouses. LifeVault is the answer for the people who feel overwhelmed or uninformed about which documents they need or the steps to take for future planning.
By integrating these solutions into your practice, you can not only add tangible value for clients and grow your business, but also play a key role in helping close the racial wealth gap.