GITNUX MARKETDATA REPORT 2024

Estate Planning Industry Statistics

The estate planning industry is projected to grow steadily over the next decade driven by an aging population and increasing wealth transfer.

Statistic 1

"58% of adults in America don’t have a will or a trust."

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Statistic 2

"More than 20% of U.S. seniors lack the essential elements of estate planning."

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Statistic 3

"The estate planning industry is projected to increase at a rate of 1.4% annually until 2023."

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Statistic 4

"The industry generates over $11.0 billion annually in the United States."

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Statistic 5

"Stillbirths are expected to surpass deaths as a driver of estate planning over the next five years."

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Statistic 6

"About a quarter of seniors (23%) don't have an updated will."

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Statistic 7

"Estate planning industry employs more than 146,250 people in the United States."

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Statistic 8

"The United States accounts for over 38.7% of the global legal services market including estate planning."

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Statistic 9

"9 in 10 Americans find estate planning to be confusing."

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Statistic 10

"The estate planning industry has grown an average of 1.7% per year since 2016."

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Statistic 11

"Roughly 60% of Americans have not created a will or other estate planning documents."

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Statistic 12

"The percentage of U.S. seniors with a will decreased by 25% between 2017 and 2021."

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Statistic 13

"Only 42% of U.S. adults currently have estate planning documents such as a will or living trust."

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Statistic 14

"Among those with children younger than 18, just 36% have an end-of-life plan."

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Statistic 15

"The average cost of a simple will created by an estate planning attorney is $1,000 to $1,500."

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Statistic 16

"About a quarter of older adults say they have not made legal preparations for their end of life due to lack of time."

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Statistic 17

"About 6.2% of the estate planning industry workforce will retire in the next 12 months."

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Statistic 18

"The demand for estate planning services is projected to rise due to the aging population and increasing per capita disposable income."

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