Gen X retires: 45% face shortages
Retirement is supposed to be a golden age, but for many Gen Xers, it may not be.
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The oldest generation, Gen
But most Gen Xers don’t seem ready to make that choice yet.
According to online estate planning firm Trust & Will’s 2026 Estate Planning Report, three-fifths of Gen
In other words, most Gen
Based on a Trust & Will survey of 5,000 adults conducted in January and February, Gen Despite their older age, Gen Xers are less likely than older or younger generations to have completed their estate planning documents.
“Gen “They need education, they need awareness, they need incentives.”
Most Americans have neither faith nor will.
Millions of Americans have put off creating an estate plan and putting off creating trusts and wills, the legal documents that govern the distribution of assets upon death. An estate plan can also help you manage your affairs during your lifetime.
According to Trust & Will’s most recent annual estate planning report, 56% of adults do not have estate planning documentation. This means there is no will, trust, medical or financial power of attorney, or Health Insurance Portability and Accountability Act (HIPPA) authorization form.
The breakdown by generation is as follows:
- Baby Boomers: 48% do not have estate planning documentation
- Gen X: 62%
- Millennials: 58%
- Gen Z: 54%
According to the report, only 26% of Americans have a will, the most common estate planning document. Only 14% have trust.
In a will or trust, a person directs how their assets will be distributed upon their death. When someone dies without a will, the local courts come into play.
A will directs what happens to you after you die, but a trust also allows you to manage your assets while you are alive. Assets placed in a trust typically pass to the beneficiaries without going through probate court, potentially saving months of hassle.
Fewer Americans are creating estate plans
Americans are putting off estate planning because it means contemplating death, an unpleasant task, researchers have found. That’s also hard work.
According to the Center for Retirement Research at Boston University, the percentage of older Americans who write wills has been on the decline in recent years.
Researchers found that real estate planning surged during the peak of the COVID-19 pandemic, but the trend reversed once the pandemic ended.
Balbo said one of the reasons for the decline of estate planning is the lack of well-documented estate planning attorneys. Despite a surge in demand for legal services amid a historic transfer of wealth from older to younger generations, not enough lawyers are entering the field.
Gen Xers are “in some ways behind the times,” Barbo said. “They still prefer to go into law, and there’s nothing wrong with that. But there’s a shortage of estate planning lawyers.”
In contrast, Millennials and Gen Z are “digital natives” who are comfortable preparing their estate plans through online services, Balbo said.
Balbo said the death of a loved one often triggers estate planning discussions. He said baby boomers are more likely to have trusts and wills, not only because they are older, but also because they have typically endured the death of a parent.
In contrast, for many Gen Xers, “reality has yet to arrive,” he says.
Experts say everyone should have a will
Financial advisors generally recommend that Americans create a will as part of a larger estate plan. A will not only sets out what happens to our assets after we die, but also makes provisions for who will manage our affairs in the event of an emergency while we are alive, among other provisions.
People who die without a will may be left with a big question unanswered: Who will care for their children? Who will send the family home? Some assets are difficult to divide among multiple heirs.
However, estate planning takes time and usually costs money. It’s complicated, some experts say.
Do I need a lawyer to write a will?
Estate planning professionals often recommend having a will prepared by an attorney trained in writing complex, high-stakes legal documents.
However, it is possible to create a will without a lawyer and could save you hundreds or thousands of dollars.
Online estate planning services will prepare a will for a fee of $100 to $150, according to the National Council on Aging, a charity that helps older Americans. This nonprofit organization offers an online estate planning guide and a carefully selected list of the best online will writers.
“It’s better to have a will,” Jessica Johnston, senior director of the Council of State’s Center for Economic Welfare, told USA TODAY in 2024. “If the cost associated with hiring a real estate attorney is a barrier to entry, using one of these tools is a better option than not having a will at all.”
