Estate planning is a critical aspect of financial preparedness—yet most U.S. adults have yet to take even the first step. Whether it’s drafting a basic will or establishing a comprehensive trust, the majority of Americans remain unprepared to pass on their legacy or make end-of-life decisions clear. Recent data shows that both nationally and in cities like Dallas, estate planning remains far from the norm. Here’s a breakdown of the current landscape in 2025.
U.S. Adult Population (2025): ~258 million
Adults with a Will: 24% (down from 33% in 2022)
Adults with a Trust: 11%
Adults with No Estate Plan: 55%
Top Barriers to Estate Planning:
31% believe they don’t have enough assets
30% procrastinate
27% don’t know how to start
25% cite cost concerns
Despite estate planning being essential for anyone—regardless of income or age—the majority of Americans haven’t taken action. Many falsely assume estate plans are only necessary for the wealthy or elderly.
Dallas mirrors the national trend, with its unique demographics amplifying the challenge:
Adult Population: ~980,000 (75.8% of total population)
With a Will or Trust: ~320,000
Without Any Estate Plan: Over 650,000
Dallas’s median age is about 33.5, and its population is highly diverse:
42% Hispanic
23% Black
These groups historically have lower estate plan participation rates. Nationally, 64% of Black adults and 62% of Hispanic adults lack a will or trust. Cultural factors, access to resources, and financial literacy gaps all contribute.
A recent study reveals the most common reasons adults give for not having an estate plan:
Procrastination: 40% say they just haven’t gotten around to it.
Perceived Lack of Assets: 33% feel they don’t own enough to warrant a will.
Cost Concerns: 13% believe it’s too expensive.
Lack of Knowledge: 12% don’t know how to start.
For lower-income individuals, “not enough assets” is the top reason. For higher-income individuals (earning $80k+), procrastination is most common. Education plays a role, too: people with postgraduate degrees are more likely to understand the importance of estate planning—but still put it off. In fact, 60% of adults with advanced degrees cite procrastination.
Baby Boomers: ~44% have a will
Millennials: Only ~22% have a will
White Adults: More likely to have an estate plan than Black or Hispanic adults
Asian & Biracial Adults: More likely to cite lack of knowledge as a barrier
Many people think estate planning is only about assets. But it also helps:
Appoint guardians for minor children
Make healthcare decisions clear
Designate power of attorney
Prevent family disputes
Ensure wishes are legally documented
Even a basic will provides structure and peace of mind.
Estate planning doesn’t have to be complex or expensive. Tools like online will platforms and affordable legal services have made it more accessible than ever. Given how many Americans delay this essential task—often until it’s too late—it’s more important than ever to encourage planning now, especially in diverse and growing cities like Dallas.
Whether you're 25 or 75, single or married, wealthy or just starting out, you have something worth protecting. Don’t let misconceptions or procrastination put your loved ones in a difficult position later.
