5 Eye-Opening Statistics About Estate Planning

A close-up view of a family estate planning document on a desk, surrounded by a calculator, eyeglasses, a pen, and charts with financial data, symbolizing organization and financial planning.

Written by Robert Nickerson

When it comes to estate planning, many people feel like it’s something they can set it aside to come back to later.

“Oh, it’s not that important.” “We’re not gonna die for a while.” “We don’t talk about those things yet”. Don’t tell me you haven’t heard this before.

But the truth is, planning for the future isn’t just filing all the court paperwork all in “Legal-ese” and dotting the “i”‘s to set someone as a beneficiary—it’s about helping set up your loved ones and ensuring that your wishes are honored. Let’s break down five surprising statistics about estate planning and what they mean for you and your family

  1. Only 32% of Americans Have a Will or Living Trust

According to a recent study, less than one-third of Americans have taken the time to create a will or living trust. That means a majority of people are leaving their families to navigate the complexities of probate court without clear instructions.

Why It Matters: Without a will, the state decides how your assets are distributed. This process can be lengthy, stressful, and expensive for your loved ones. Creating a simple will ensures that your wishes are known and respected.

Tip: Start small! A basic will is a great first step. At Nickerson Law, we’ll guide you through the process and help you understand what’s right for your family

  1. It Takes an Average of 24 Months to Settle an Estate Without a Plan

Settling an estate without proper planning can drag on for over a year—and cost upwards of $40,000 in legal fees.

Why It Matters: This delay can be a significant burden for your loved ones, both financially and emotionally. With a proper estate plan, you can streamline the process and reduce unnecessary stress for your family.

Tip: Tools like trusts can help avoid probate altogether, making it much easier for your beneficiaries to access what you’ve left behind

  1. Only 15% of High Earners Have an Up-to-Date Will

Many people assume estate planning is only for the wealthy, but even among high earners, most don’t have up-to-date plans. Life changes quickly, and your estate plan should keep up.

Why It Matters: Marriage, divorce, children, or even moving to a new state can impact how your assets are handled. Updating your plan regularly ensures that it reflects your current wishes.

Tip: Schedule a quick review of your estate plan every couple of years or after major life events. Nickerson Law offers consultations to keep your plan current

  1. 42% of Americans Don’t Know That Trusts Can Avoid Probate

Many people believe trusts are only for the ultra-wealthy, but that’s a myth. Trusts are powerful tools that can help families of all income levels avoid probate and protect their assets.

Why It Matters: Trusts aren’t just about avoiding probate; they can also provide tax benefits and protect your beneficiaries from creditors. They’re particularly useful if you have minor children or complex family dynamics.

Tip: Ask about living trusts during your estate planning consultation. They’re more affordable and accessible than you might think

  1. Inflation Has Made 42% of Americans Rethink Estate Planning

With the rising cost of living, more people are realizing the importance of planning ahead. Inflation can impact the value of your assets and how they’re distributed, making it more critical than ever to have a plan in place.

Why It Matters: Estate planning ensures that your assets maintain their value and are distributed efficiently, even in uncertain economic times.

Tip: A financial power of attorney and health care directive are great additions to your estate plan. These documents protect you and your loved ones during unexpected events

Ready to Protect Your Legacy?

Estate planning doesn’t have to be intimidating. At Nickerson Law, we’re here to simplify the process and provide clear, actionable guidance. Whether you’re just starting or need to update your existing plan, we’ve got your back.

Contact us today to schedule your free consultation. Let’s create a plan that works for you and your family—because your legacy deserves it.

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