A comprehensive survey by Trust & Will reveals a stark disconnect between American adults' intentions and actions regarding estate planning. According to the 2026 Estate Planning Report, while 73% of adults say estate planning is important, only 26% actually have a will in place. The survey of 5,000 people conducted by Talker Research on behalf of Trust & Will shows that 56% of American adults have no estate planning documents at all. This gap between intention and action highlights a significant challenge in wealth preservation and family legacy planning across the country.
The survey identifies a particularly concerning trend among Generation X adults, who face what researchers term the 'Sandwich Gap' due to their unique financial responsibilities. 62% of Gen X said they have zero estate planning documents, making them more unprotected than any other generation. As reported by Trust & Will, this group navigates significant financial complexity including children, mortgages, aging parents, and retirement planning. Cody Barbo, Co-founder and CEO at Trust & Will, emphasized that "it's particularly striking that Gen X are the least likely to be protected as the group that navigates a lot of financial complexity." The research suggests that while older generations are often thought to need estate planning, those in their forties and fifties face equally critical needs for legacy protection.
A new wave of intergenerational wealth is reshaping how affluent investors approach financial advice, with larger and more complicated inheritances prompting stronger demand for centralized planning services. Research released by Escalent shows that the average expected inheritance is set to nearly double, rising from $500,000 over the past five years to close to $1 million in the decade ahead. This surge is being driven in part by a segment identified as 'High Impact' inheritors; individuals whose incoming wealth will represent at least half of their existing net worth. The findings, part of the latest Trajectory of Intergenerational Wealth Transfer report, highlight how these investors are making key decisions about whether to retain inherited assets with their current advisor, move them elsewhere, or split them across multiple providers.
The lack of preparation creates significant practical challenges for American families. 42% of Americans say they wouldn't know what to do if a family member died today, with that figure jumping to 56% among those with no documents at all. According to the survey, 68% of people in serious or engaged relationships have no estate planning documents, representing a higher unprotected rate than divorced, separated, or widowed Americans (55%). This data suggests that even those with strong family relationships are failing to address critical planning needs, leaving loved ones vulnerable to legal complications and financial uncertainty during difficult times.
Recent expert insights highlight the importance of timing in estate planning, with professionals emphasizing that waiting until a crisis forces action means losing the opportunity to plan on your own terms. Advanced estate planning strategies include leveraging trust structures (including grantor trusts) to optimize income and estate tax outcomes, planning for liquidity and tax efficiency around highly appreciated and concentrated assets, and implementing succession planning strategies for closely held and family-owned businesses. These strategies coordinate lifetime transfers with valuation considerations and long-term wealth transfer objectives while structuring charitable planning opportunities. Selecting an estate planning advisor requires focus on experience in estate and succession planning, understanding of both financial and legal aspects, and transparent advisory processes that maintain confidential handling of personal and financial information.
