Estate planning decisions shape what happens to assets—and to caregiving responsibilities—after death or incapacity, affecting families, charities, and the professionals who advise households. In the U.S., wealth is concentrated among those over 60, yet younger adults and parents of minor children still report major gaps in coverage. Across the page, you’ll see how market conditions, legal and tax rules, and digital tools are reshaping the estate planning industry.
Key Takeaways
- Baby Boomers hold $78 trillion in U.S. wealth, representing 52% of total household wealth in 2023
- $84 trillion wealth transfer expected from 2023-2047, with $53 trillion to heirs and $31 trillion to charities
- Average estate size for decedents in 2022 was $1.2 million, up 8% from 2021
- 56% of Americans aged 55+ have a will or living trust, up from 51% in 2021
- Only 33% of U.S. adults under 40 have any estate planning documents, compared to 68% over 70
- 42% of parents with minor children lack a will naming guardians, per 2023 survey
- The U.S. estate planning software market was valued at $1.2 billion in 2022 and is projected to reach $2.8 billion by 2030, growing at a CAGR of 11.2%
- Global estate planning services market size stood at $45.6 billion in 2023, expected to grow to $72.3 billion by 2032 at a CAGR of 5.2%
- U.S. estate planning market revenue reached $12.5 billion in 2023, with a forecasted CAGR of 6.8% through 2030
- There are 1.2 million estate planning attorneys in the U.S., with average billable hours at 1,800/year
- Financial advisors handling estate plans grew to 55% of total advisors in 2023, up from 42%
- Average cost of a basic will package is $1,200, complex trusts average $5,000 in 2023
- Estate tax returns filed in 2022 totaled 13,800, down 5% from prior year due to exemptions
- Federal estate tax exemption for 2024 is $13.61 million per individual, doubled from 2017
- 99.9% of estates owe no federal estate tax due to high exemption thresholds in 2023
As wealth transfers accelerate, many Americans lack wills, while estate planning increasingly moves online and digital.
Related reading
01 · Category
Asset & Wealth Data20 stats
01
Baby Boomers hold $78 trillion in U.S. wealth, representing 52% of total household wealth in 2023
02
$84 trillion wealth transfer expected from 2023-2047, with $53 trillion to heirs and $31 trillion to charities
03
Average estate size for decedents in 2022 was $1.2 million, up 8% from 2021
04
70% of U.S. family wealth is held by individuals over 60, totaling $68 trillion in 2023
05
Real estate comprises 32% of total estate assets, averaging $450,000 per estate in 2023
06
$36 trillion of $84T great wealth transfer to millennials by 2045
07
Retirement accounts make up 28% of estate assets, averaging $320K per estate 2023
08
Illiquid assets like family businesses comprise 22% of HNW estates, valued $2.1T total
09
Stocks and mutual funds represent 35% of average estate portfolio at $520K in 2023
10
Cash and CDs hold 12% of estate liquidity, $180K average amid high rates 2023
11
$16T intergenerational transfer to Gen X by 2030
12
Life insurance policies average $250K payout in estates, 18% of total assets 2023
13
Art and collectibles valued at $1.8T in U.S. estates, 4% of total wealth
14
IRAs and 401(k)s total $35T, 25% exposed to RMD changes 2023
15
Farmland in estates averages $15M for family farms, 9% of ag wealth
16
$28T silent transfer to nonprofits in great wealth shift by 2047
17
Bonds fixed income 15% estate assets, $220K avg amid rate hikes 2023
18
Yachts/private jets in 1.2% HNW estates, total value $45B 2023
19
529 plans assets $450B, estate gifting vehicle for 22% families 2023
20
Wine/spirits collections avg $1.2M in UHNW estates, 0.8% total 2023
Interpretation
Asset & Wealth Data Interpretation
With baby boomers holding $78 trillion in wealth in 2023 and an expected $84 trillion transfer from 2023 to 2047, the Asset and Wealth Data story is that an enormous concentration of assets is moving to heirs and charities, including $36 trillion going to millennials by 2045.
02 · Category
Consumer Statistics20 stats
01
56% of Americans aged 55+ have a will or living trust, up from 51% in 2021
02
Only 33% of U.S. adults under 40 have any estate planning documents, compared to 68% over 70
03
42% of parents with minor children lack a will naming guardians, per 2023 survey
04
64% of high-net-worth individuals (HNWIs) updated their estate plans post-2022 market volatility
05
Women are 20% less likely than men to have a will, with 48% vs 58% possession rate in 2023
06
58% of millennials (ages 27-42) have a will in 2023, double from 2019's 29%
07
73% of Black Americans lack a will vs 38% white Americans in 2023 survey
08
51% of U.S. pet owners have pet trusts or provisions in wills, up 12% since 2020
09
39% of Gen X (43-58) have living trusts, highest among generations in 2023
10
Hispanic Americans have wills at 34% rate vs national 55% average in 2023
11
61% of adults 50-64 have powers of attorney for health/finance in 2023
12
27% of Americans discussed end-of-life wishes with family in past year
13
LGBTQ+ individuals have estate plans at 49% rate vs 55% general pop 2023
14
55% of divorced individuals update wills within 1 year, per 2023 data
15
Rural Americans lag urban by 15% in will ownership, 42% vs 57% 2023
16
66% of 65+ have healthcare directives, but only 41% shared with doctors
17
34% of business owners lack succession plans tied to estates 2023
18
Veterans have estate plans at 62% rate, aided by VA programs 2023
19
47% of teachers/professors have wills vs 55% avg, urban skew 2023
20
Single adults over 50 have plans at 52%, lower due to no spouse prompt
Interpretation
Consumer Statistics Interpretation
Consumer demand for estate planning is clearly growing and still uneven, with will or living trust ownership rising to 56% among Americans aged 55+ while only 33% of adults under 40 have any documents.
03 · Category
Market Size & Growth20 stats
01
The U.S. estate planning software market was valued at $1.2 billion in 2022 and is projected to reach $2.8 billion by 2030, growing at a CAGR of 11.2%
02
Global estate planning services market size stood at $45.6 billion in 2023, expected to grow to $72.3 billion by 2032 at a CAGR of 5.2%
03
U.S. estate planning market revenue reached $12.5 billion in 2023, with a forecasted CAGR of 6.8% through 2030
04
The digital estate planning tools segment grew by 18% YoY in 2023, contributing 25% to total market share
05
Estate planning industry in North America accounted for 42% of global market share in 2023, valued at $19.2 billion
06
U.S. estate planning market projected to hit $18.4 billion by 2028 at 7.1% CAGR from 2023 base of $12.5B
07
Asia-Pacific estate planning market grew 9.2% in 2023, fastest regionally, to $8.1B
08
Online estate planning platforms captured 28% market share in 2023, up from 18% in 2020
09
Trust services segment valued at $6.7B in U.S. 2023, growing 5.9% YoY
10
European estate planning industry at €32B in 2023, CAGR 4.8% to 2030
11
U.S. estate planning industry M&A deals hit 145 in 2023, up 22% YoY
12
High-net-worth estate planning niche grew 8.4% to $4.9B in 2023
13
Subscription-based estate planning services revenue $890M in 2023, CAGR 15%
14
Corporate trustee assets under management $28T globally in 2023
15
Elder law segment of estate planning at $3.2B, growing 7.5% CAGR
16
International estate planning market at $22B in 2023, CAGR 6.3% to $35B by 2030
17
Fintech estate tools valued $750M in 2023, 20% CAGR projected
18
Nonprofit estate giving market $40B annually, 12% of total planned gifts
19
Revocable living trust market share 41% of documents filed 2023
20
LATAM estate planning growing 10% YoY to $2.8B in 2023
Interpretation
Market Size & Growth Interpretation
For the Market Size and Growth angle, the U.S. estate planning market is expanding quickly with revenue at $12.5 billion in 2023 projected to reach $18.4 billion by 2028 and the software segment forecasted to grow from $1.2 billion in 2022 to $2.8 billion by 2030.
More related reading
04 · Category
Professionals & Services15 stats
01
There are 1.2 million estate planning attorneys in the U.S., with average billable hours at 1,800/year
02
Financial advisors handling estate plans grew to 55% of total advisors in 2023, up from 42%
03
Average cost of a basic will package is $1,200,complex trusts average $5,000 in 2023
04
78% of estate plans are prepared by attorneys, 15% by online services, 7% DIY in 2023
05
CPA involvement in estate planning rose to 41% of HNW clients in 2023
06
950,000 certified estate planners (CEPs) worldwide in 2023, U.S. holds 68%
07
Average estate attorney fee $350/hour, total billing $4.2B industry-wide 2023
08
62% of wealth advisors now offer bundled estate planning services in 2023
09
Online legal services like LegalZoom handled 1.5M estate docs in 2023, 23% growth
10
Multidisciplinary teams (attorney+CPA+advisor) used in 71% HNW plans 2023
11
1.4M paralegals support estate planning, avg salary $62K in 2023
12
Boutique estate firms avg 25 clients/year, revenue $1.2M per firm 2023
13
49% advisors certified in estate planning (CAP), up 10% since 2020
14
Trust officers number 45,000 U.S., managing $15T assets 2023
15
DIY platforms like Trust & Will served 500K users, $120avg fee 2023
Interpretation
Professionals & Services Interpretation
Professionals and Services are increasingly driving estate planning as attorneys still prepare 78% of plans and the ecosystem diversifies with financial advisors reaching 55% of advisors in 2023 and CPA involvement rising to 41% of HNW clients.
05 · Category
Regulatory & Legal15 stats
01
Estate tax returns filed in 2022 totaled 13,800, down 5% from prior year due to exemptions
02
Federal estate tax exemption for 2024 is $13.61 million per individual, doubled from 2017
03
99.9% of estates owe no federal estate tax due to high exemption thresholds in 2023
04
State estate taxes apply in 12 states + DC, with rates up to 16% in 2023
05
Probate avoidance via trusts used in 52% of estates over $1M in 2022
06
Gift tax exclusions totaled $17K per recipient in 2023, used in 2.1M returns
07
Generation-skipping transfer tax exemption $13.61M in 2024, impacts 0.2% estates
08
38 states have no estate or inheritance tax in 2023, down from 45 in 2001
09
Probate duration averages 12 months, costs 4-7% of estate value in 2023
10
Portable marital deduction used in 68% of spousal estates over $10M 2022
11
QCDs (qualified charitable distributions) totaled $22B from IRAs in 2022
12
Step-up in basis saved estates $50B in capital gains tax in 2022
13
6 states impose inheritance tax, rates 0-18% on non-spouse heirs 2023
14
Uniform Probate Code adopted in 19 states, reducing probate time 40%
15
ABLE accounts for disabled heirs grew to 200K accounts, $12B assets 2023
Interpretation
Regulatory & Legal Interpretation
For the Regulatory and Legal angle, the sharp reality is that 99.9% of estates owe no federal estate tax in 2023 because the 2024 federal exemption has risen to $13.61 million per individual, yet state estate taxes still affect 12 states plus DC with rates reaching up to 16%.
06 · Category
Trends & Technology20 stats
01
45% of U.S. consumers plan to use AI tools for estate planning by 2025, per 2023 survey
02
Digital asset management in estate plans increased by 35% since 2020, now in 22% of plans
03
62% of estate planners adopted virtual meetings post-COVID, reducing costs by 28%
04
Blockchain-based wills are projected to grow at 25% CAGR, market size $500 million by 2028
05
Hybrid estate planning apps saw 150% download increase in 2023
06
VR estate planning consultations up 40% in 2023 for remote clients
07
67% of advisors use robo-advisors for basic estate plan drafting in 2023
08
NFT and crypto inclusion in estate plans rose to 15% for under-50s in 2023
09
AI-powered estate plan reviews adopted by 29% of firms, accuracy 92% vs human
10
Mobile estate planning apps have 12M downloads globally in 2023
11
52% plan sustainable investing in estate portfolios by 2025, ESG up 30%
12
Voice-activated estate updates via Alexa/Google in 8% of tech-savvy plans 2023
13
Predictive analytics for inheritance tax forecasting used by 34% advisors 2023
14
Metaverse property inclusion in 3% of digital-native estates 2023
15
Cloud-based estate doc storage adopted by 76% users, security 99.5%
16
Quantum computing for complex estate simulations piloted by 5% firms 2023
17
Biometric-secured digital wills in 11% plans under 40, hack-proof claim
18
Gamified estate planning apps engagement 3x higher, 2M users 2023
19
Drone inventory for rural estates used by 7% appraisers, accuracy +25%
20
5G-enabled remote notarization in 65% states, processing 2 days faster 2023
Interpretation
Trends & Technology Interpretation
Technology is rapidly reshaping estate planning, with 45% of U.S. consumers expecting to use AI tools by 2025 while digital asset management now appears in 22% of plans, up 35% since 2020.
Reference
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APA
Alexander Schmidt. (2026, February 13). Estate Planning Industry Statistics. Gitnux. https://gitnux.org/estate-planning-industry-statistics
MLA
Alexander Schmidt. "Estate Planning Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/estate-planning-industry-statistics.
Chicago
Alexander Schmidt. 2026. "Estate Planning Industry Statistics." Gitnux. https://gitnux.org/estate-planning-industry-statistics.
Sources & references
90 datasets cited across this report · attribution is report-level