Fewer older Americans are writing wills, research shows, a finding that could spell trouble for survivors.
The share of over-70 households with wills or trusts to distribute their assets after death has been in steady decline since the mid-2000s, according to an analysis published in August by the Center for Retirement Research at Boston College. Between 2008 and 2018, that share dropped from 70% to 63%.
The downward trend reflects the growing diversity of older America. Seniors are more likely than ever to be Black or Hispanic, and those populations are less likely than non-Hispanic whites to leave a will or receive an inheritance.
“We looked at who’s not writing wills,” said Gal Wettstein, a senior research economist at Boston College, “and it’s disproportionately non-Hispanic Blacks and Hispanics.”
The scholarly analysis ends in 2018, but other surveys suggest a continuing decline in estate planning.
Between 2020 and 2023, the share of Americans over 55 with wills decreased from 48% to 46%, according to the 2023 Wills and Estate Planning Study by Caring.com, the caregiver site. The study draws on a representative survey of 2,483 Americans by YouGov.
“It does seem that there’s a tendency to put off writing a will,” Wettstein said. “I think it’s an unpleasant process, even in the best conditions.”
A large quotient of American wealth is inherited: anywhere from 15% to 46%, by one analysis.
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